Assistance in a major crossborder financing transaction

Voicu & Filipescu assisted one of the main banking associations in the United States in a major crossborder financing transaction involving a Romanian company

The assistance regarding the bank credit facility granted to an important global e-commerce solution player was provided together with the American law firm, Blank Rome LLP.

Bucharest, September 29, 2020 – Voicu & Filipescu’s lawyers has assisted, together with the law firm Blank Rome LLP, one of the largest bank associations in the United States of America, during a financing transaction to an important global e-commerce solution provider.

The mandate was granted to Voicu & Filipescu since 2017 and involved assistance from the early stages of the bank loan by drafting the guarantee documents, perfecting the guarantees thus granted by the Romanian subsidiary of the group and drafting ancillary documents. The team of lawyers also provided assistance regarding the changes made following the loan supplementation and changes at corporate level and, finally, in August 2020, at the time of repayment, by drawing up the necessary documents for Payoff and de-registration of the the guarantees granted by the borrower. The project involved working with the US legal teams of the bank and the main debtor as well as with the Romanian teams of the guarantor.

Within Voicu Filipescu, the bank was advised by a team of experienced M&A lawyers, under the coordination of Marta Popa, senior partner, who worked closely with Simona Merdariu, lawyer specialized in banking and finance law and Beatrice Bealcu, specializing on corporate and guarantee law.

The client assisted by Voicu Filipescu is one of the most important banks in the United States of America, operating both in the retail sector and in corporate and asset management through a network of over 2,000 branches, without having a presence in Romania.

The partner law firm gave us full confidence in the management of the transaction locally, from its earliest moments. The health crisis started in March 2020 has led to a stay in the repayment process (Payoff) for several monthsbut the repayment finally occurred in August, with our team collaborating very well with the guarantor’s lawyers in Romania. It was an example that there is business continuity in the context of the pandemics but also a proof that the digitizationof the way lawyers are working can go to the next level, with minimal circulation of paper documents and mutual trust placed between the actors of the transaction. It is expected that the “new normal” will involve greater investment in legal tech from consultants but also greater attention to cybersecurity.” said Marta Popa, who coordinated the transaction throughout the 3 years period.