EPH closes a €1.5bn loan, financing the acquisition of 49% stake in Slovenský plynárenský priemysel a.s. (SPP)

20. 3. 2013

On 19th March 2013, Energetický a průmyslový holding (“EPH”) successfully closed the syndication of a €1.5bn loan package.

 EPH, a leading Czech energy & industrial group, announced in January 2013 its acquisition of 100% stake in Slovak Gas Holding (“SGH”) for approximately €2.6 billion. SGH holds a 49% stake and management control in SPP. Slovak government remains the owner of the remaining 51% stake. The acquisition was part financed by a €1.5bn loan package, comprising a €200mm, 9-month senior secured bridge to dividend and €1.3bn 5-year senior secured term loan.SPP (A2 (Moody’s)/A-(Fitch)) is the largest gas transporter in the EU. It owns and operates Slovakia’s gas transmission and distribution networks, including c. 1/4 of Europe’s total piped gas import transmission capacity, supplies gas to regulated (residential) and unregulated (SME, industrial) customers and owns and operates gas storage facilities. It also has a small presence in the Czech Republic. SPP also has a long term track record transporting gas from the former Soviet Union to Western Europe since 1973.EPH is a joint stock company set up under the laws of the Czech Republic, and a long-term strategic investor in the energy sector. The group’s business lines include coal mining, electricity and heat production and their distribution and sale to final customers, and also trading in electricity and gas.

 Citi, J.P. Morgan, Societe Generale (and their affiliate Komerční Banka) , The Royal Bank of Scotland and UniCredit (through its affiliates in Austria, Czech Republic and Slovakia) acted as Underwriters, Bookrunners and Mandated Lead Arrangers.

 

Československá obchodní banka, a.s. and Československá obchodná banka, a.s., members of the KBC Group, Erste Group Bank AG, together with Česká spořitelna, a.s. and Slovenská sporiteľňa, a. s., ING Bank N.V., Tatra Banka and Raiffeisen Bank a.s. (members of the Raiffeisen Bank International Group) joined the transaction as Bookrunners and Mandated Lead Arrangers.

 

Sberbank CZ, a.s and Sberbank Slovensko, a.s. (members of Sberbank Europe AG) supported the transaction as Mandated Lead Arrangers.

 

VTB Bank (Deutschland) AG, HSBC Bank plc (acting through its branch HSBC Bank plc -pobočka Praha) and Siemens Bank GmbH joined as Senior Lead Arrangers and Oberbank AG pobočka Česká republika as Lead Arranger.