Allen & Overy has advised manager Wood & Company Financial Services on the establishment of a ten-year secured bond program for City Home Finance III with a value of up to CZK 1 billion and on the first bond issuance with a total expected nominal value of up to CZK 400 million.
The first bond issuance has the option of being increased to CZK 600 million, as needed.
According to Allen & Overy, "the bond program is secured by pledges and guarantees with a unique mechanism embedded in the joint terms and conditions, which ensures that only a joint meeting of bondholders of all issues issued under the bond program can decide on the common interests of the bondholders of multiple issues issued under the program, including matters related to security."
Furthermore, the firm reports that all bonds issued under the program are secured by a pledge of 100% of the shares in the issuer, pledges of the shares in the guarantor, and a guarantee issued by City Home Invest III. The issuer belongs to the SATPO Group, which specializes in premium residential development projects mainly in Prague.
The Allen & Overy team in Prague included Partner Petr Vybiral, Senior Associate Tomas Kafka, and Associate David Bujgl.
