Banking & Finance

Patrikios Pavlou & Associates’ LLC banking and finance department experienced a rapid expansion and it continuously receives new requests. The department is mainly involved in challenging and complex corporate finance transactions, project and asset finance matters in Cyprus and abroad and and has extensive experience in securitization issues.

Expert professional legal advice is offered to major national and international banks, industrial organizations, multinationals, financial institutions and other companies in the financial services sector. The recovery section of the Firm’s banking practice regularly handles inquiries from various local and international banks on complicated recovery cases.

The partners’ extensive expertise in banking and finance, in combination with their experience in major international cases, make the department one of the most competitive in its area. Stavros Pavlou, Senior & Managing Partner, being both an economist (BSc Economics of Industry & Trade, LSE, UK) as well as a Barrister at Law (Gray’s Inn, UK) and Lia Iordanou Theodoulou, Corporate Finance Partner, lead the legal team and Stella Louca Pavlou, Banking Partner, leads the recovery section of the Firm’s banking practice and regularly handles inquiries from various local and international banks on complicated recovery cases.

The Banking & Finance department provides effective and professional legal advice and guidance to clients including:

Corporate finance
Structured finance
Project finance
Acquisition finance
Equity and debt finance
Ship finance
Equity investment
Restructurings and reorganisations
Derivative and securities lending transactions
Repurchase agreements [REPOs]
General banking
Recovery of loans
Lease and hire-purchase agreements
Letters of credit and bank guarantees
Offerings and listings in international stock exchanges

Sample of Major Cases Handled

Advising a Russian bank in relation to several facility agreements provided to one of the top 10 nitrogen fertilizer producers in the world. We were instructed to advise on three facility agreements amounting to USD 850 million, USD 7 billion and EUR 450 million, for purchasing purposes, refinancing of loans and repayment of debts respectively.
Advising a major Russian bank in relation to an amendment agreement to a EUR 260 million (RUB 16 billion) facility agreement and to certain security amendment agreements, pursuant to which certain pledges provided in the first phase of the transaction are being partially released. The relevant transaction concerns a Russian company engaged in the exploration and production of natural gas and hydrocarbons.
We were asked to advise on the global restructuring, carried out by a major Russian bank on existing facility agreements with various companies of a large international oilfield service group with operations in the Russian Federation, Central and Southern Asia, and Middle East, whereby the existing multiple facility agreements with 6 borrowers (Cyprus, Austria, Netherlands, Jersey and Russia) will be replaced with two new master facility agreements governed by English law (value USD 1.53 billion).
Advised the corporate and investment banking division of an American financial and banking corporation in relation to a USD 150 million margin loan transaction, which involved intra group loans of over USD 200 million, subordination issues, South African share security, security assignment and other security agreements.
Advising a subsidiary of an international bank, offering a full range of services to retail and corporate customers throughout the Russian Federation, for providing financing of approximately USD 115 million to a large transportation and logistics group of companies operating in the stevedore, container and railway markets.
Allen & Overy, London involved us in an aviation financing matter in order to provide our assistance regarding the novation of a USD 50 million aircraft financing transaction involving two aircrafts of an international leading provider of aircraft leasing services. The case involved Cypriot, Greek, Cayman and French entities.
We have been involved in the financing of a 75-metre motor yacht, amounting USD 50 million, made available by a large Swiss Bank. We provided advice to the group and the Cyprus borrower, as well as other group companies providing collateral in the form of share pledges, ship mortgage, general assignments, and reviewed other BVI documents from a Cyprus law perspective.
We advised the London branch of a leading financial institution of the US in relation to a repurchase transaction, with value of approximately USD 25 million, over depositary receipts in one of Russia’s largest oil companies, being also one of the largest oil producers worldwide.
Advised a major Russian bank in relation to a transaction involving the assignment of rights under certain facility agreements, for a consideration of more than EUR 35 million (RUB 2 billion). A complicated transaction involving multiple jurisdictions (Cyprus, BVI and Russian Federation) and extensive negotiations in relation to the transaction documents.
We have been instructed by the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) to provide the Cyprus Industry Opinion on REPO and Securities Lending agreements for the 10^th consecutive year (2008-2017). The Opinion is available to all professional members of the ICMA and ISLA.
Advised the London branch of a multinational banking and financial services corporation in relation to a repurchase transaction with a Cyprus company, involving securities in a precious metal mining company, which are listed on the London Stock Exchange. Its importance lies on the prestigious client, the complexity of the matters involved and the transaction’s value (USD 25 million).