Deloitte acted as lead advisor to Chimcomplex on raising €164m of debt finance for acquiring Oltchim

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Reff & Associates acted as legal advisor to Chimcomplex on raising €164m of debt finance for acquiring Oltchim

17 December 2018

A mixed team of experts from Deloitte UK, Deloitte Romania and Reff & Associates, member of the Deloitte Legal global network, advised Chimcomplex SA Borzesti on raising debt finance to fully fund its acquisition of the assets of Oltchim SA out of insolvency to create the market-leading chlor-alkali producer in Romania. Chimcomplex raised €164m from international lenders VTB Bank Europe SE (Frankfurt) and The Special Investment Unit of Credit Suisse AG (Zurich) to fully debt fund the acquisition and provide working capital.

The landmark transaction combines two of the largest chemical companies in Romania, which is a transformational acquisition for Chimcomplex and will reinvigorate the chemicals industry in Romania.

On the completion of the transaction, Stefan Vuza, the CEO and Chairman of Chimcomplex, commented: “Our successful completion of the acquisition of Oltchim’s assets marks an important milestone in our company’s development, is an extraordinary achievement for our team and is a new start for the whole industry here in Romania”.

Andrei Burz-Pinzaru, Managing Partner of Reff & Associates (Deloitte Legal), which completed the legal due diligence work supporting the financing, commented: “We are proud to have been once again part of a landmark deal, even more since this one is the first of its kind in the Romanian financing market”. Georgiana Singurel, the Partner which coordinated Reff & Associates legal due diligence team stated: “It was a challenging project in which thirteen lawyers from our team have worked relentlessly and thoroughly to address the complexities of such a transaction, covering aspects of various areas of law, including privatization law, corporate, environmental law, state aid/competition, banking and real estate and supporting the borrower in addressing all the inquiries of the financiers, giving the needed comfort on the multiple legal aspects involved in order to make this deal happen.”

With a team of over 70 lawyers, Reff & Associates is a leading law firm in Romania and one of the most active in assisting clients in complex M&A transactions, real estate, banking financing and transactions with loans portfolios. The firm is member of Deloitte Legal, a global network with more than 2,100 lawyers in 84 countries. In Central Europe, Deloitte Legal includes 360 lawyers in 14 countries.

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