Clifford Chance's Prague office successfully advised leading regional used car dealership AAA Auto International a.s. in connection with the planned refinancing of the acquisition of the company and agreeing the terms of operating loans for its entire group.
The legal services provided by the office's top tier Banking & Finance practice consisted of the negotiation of the facility agreement, security documentation and related interest insurance, and assistance in fulfilling the conditions of the loan drawdown. The Prague team provided advice under Czech and Slovak law as well as coordinating the services of external counsel in Cyprus.
AAA Auto International a.s. has been engaged in the sale of used cars for over 25 years, and also focuses on providing financial services and ICT development. It is the most successful company on the used car market in Central and Eastern Europe. The majority owner of the company is currently the UK-Polish private equity fund Abris Capital Partners.
Clifford Chance's legal team was led by partner Miloš Felgr, head of the finance practice in Prague, who has a wealth of experience in domestic and international financial transactions. Miloš was primarily assisted by Pavel Boguský, a junior associate with a growing track record on finance and restructuring transactions, and senior associate Stanislav Holec, a key member of the Prague office's Slovak Desk, who advised on the Slovak law aspects of the transaction.
On closing the transaction lead partner Miloš Felgr commented: "We were delighted to have the opportunity to represent such a well-known market participant as AAA Auto. It was a pleasure to work with a client that had clear objectives and one that was so forthcoming and cooperative. This directness led to the successful completion of this complex cross-border transaction in such a short period. We look forward to the opportunity for further collaboration."
Jan Široký, senior lawyer at AAA Auto International a.s., evaluated the collaboration with Clifford Chance as follows: "We selected Clifford Chance based on their excellent performance when advising AAA AUTO Group on its disposal in 2014. Miloš Felgr and his team used their experience and expertise to ensure a smooth transaction, guiding us through the complexities of this refinancing. Their advice helped us to negotiate a very competitive offer for which they have our sincere gratitude."