A multi-jurisdictional team of Clifford Chance lawyers from the Bucharest, London, and Frankfurt offices, coordinated by Mădălina Rachieru-Postolache (partner in the global Capital Markets practice), has advised the underwriters in connection with Hidroelectrica’s historical listing, the largest IPO launched in Europe this year, with a total value of RON 9.3 billion (including the additional shares that can be over-allotted for stabilization purposes).
The banks advised by Clifford Chance are Erste Group Bank AG, Citigroup Global Markets Europe AG, Jefferies GMBH and Morgan Stanley Europe SE (as joint global coordinators), Banca Comercială Română SA, Barclays Bank Ireland PLC, BofA Securities Europe SA, UBS Europe SE, UniCredit Bank AG, and Wood & Company Financial Services (as joint book-runners), Auerbach Grayson, BRD – Groupe Société Générale, S.S.I.F. BT Capital Partners S.A. and S.S.I.F. Swiss Capital S.A. (as co-lead managers).
Mădălina has coordinated a significant multi-jurisdictional team, with main lawyers including Gabriel Toma (Senior Associate) and Nicolae Grasu (Associate) from the Bucharest office, Christopher Roe (Partner), James Koessler and Anjaneya Das (Senior Associate) from the London office, and George Hacket (Partner), Andrei Manea (Senior Associate) and Gordana Golubić-Huertas (Associate) from the Frankfurt office. The Clifford Chance lawyers provided assistance throughout the entire transaction, starting with the structuring of the offering, the due diligence, drafting of certain sections of the prospectus, drafting and negotiation of the contractual documentation according to international standards, and advising the 14 banks throughout the process.
“The extraordinary enthusiasm for the listing of Hidroelectrica that we have witnessed these days confirms the state of anticipation accumulated since the previous attempt to list Hidroelectrica in 2014. We advised the underwriters in 2014 as well, and we are happy that, this time, the economic context and the decision-makers have aligned to complete the largest transaction ever seen by the Bucharest Stock Exchange, which is also the largest European listing of 2023. This was a very complex and intensive deal, with many innovative aspects, challenges and an ambitious timeline, and we are honoured to have been part of this project alongside Fondul Proprietatea, Hidroelectrica, the arranger banks syndicate and the other fellow consultants,” says Mădălina Rachieru-Postolache, head of the Bucharest Capital Markets practice.
Fully integrated into the global Clifford Chance network, the Bucharest Capital Markets practice has been acknowledged by all major international legal directories as one of the top Romanian law firms in the field (the Tier 1 category) for over 17 years. The Capital Markets portfolio successfully advised by Clifford Chance Badea in the past 12 months exceeds EUR 17 billion, the Bucharest team advising on all major mandates launched in Romania, as well as a series of complex transactions at global level.
Daniel Badea, Managing Partner Clifford Chance Badea, adds: “We take pride in having developed one of the most dynamic and best-performing Capital Markets practices in the global Clifford Chance network. We started two decades ago as pioneers in an emerging market, and we have gradually gathered all of the outstanding transactions in our portfolio, either Debt or Equity, local or international deals, that have contributed to the growth of the Romanian capital market. Today, our team coordinates some of the most complex and innovative projects in the Clifford Chance portfolio, and the Hidroelectrica listing is amongst the historical transactions that Clifford Chance has advised globally“.
As market maker, Clifford Chance Badea has a track record of first-of-their-kind stock and bond offerings in Romania, including the first corporate bond issue (Raiffeisen Bank, 2004); the first Medium-Term Notes (MTN) Programme of a Romanian issuer (Banca Comercială Română, 2009); Romania’s Global Medium-Term Notes Programme, which also included the first issue of bonds to American investors (2011); the first dual listing, which also included the first issue of Global Depository Receipts (GDRs) in Romania (Romgaz IPO, 2013); the first green bond financing project (2018), the first covered bonds programme carried out by a Romanian issuer(Alpha Bank Romania, worth up to EUR 1 billion, 2019).
Its most recent portfolio includes landmark projects such as:
Clifford Chance Badea advises shares and bond issuers as well as arranger syndicates in capital markets transactions. Projects are often advised by multi-jurisdictional teams that generate an optimal mix of local expertise and global know-how. Where needed, clients benefit from a full-service English and American law practice.
Furthermore, lawyers constantly advise the companies they work with in relation to compliance and alignment with capital market legislation on various aspects such as market abuse, the legal framework related to privileged/insider information the obligation to launch mandatory public offers, transparency obligations, etc.