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05 February 2021
press release

Romania: Schoenherr advises Agricover on EUR 40m corporate bonds issuance

Schoenherr Romania advised Agricover on the issuance of corporate bonds worth EUR 40m, which will be admitted to trading on the regulated market of the Bucharest Stock Exchange ("BSE"). This is the first time that the group has attracted financing on the BSE, and the largest corporate bonds issuance ever to run on the BSE.

Agricover aims to use the funds to strengthen and diversify the market position of Agricover Credit IFN SA, the group's company specialised in direct financing to Romanian farmers.

"We are honored to have advised on this project. We had a smooth collaboration with the Agricover team and investment banks for which we are thankful. We are also pleased to see companies that play an important role in the national economy recognising the benefits of attracting financing via BSE. We hope that the investors' positive reaction to this bonds issuance will send an encouraging signal to other issuers interested in running similar projects." – said Narcisa Oprea, partner and head of capital markets at Schoenherr Romania.

Agricover was established 20 years ago and is one of the most important players in the Romanian agribusiness sector. The group has a strongly integrated and original business model that allows it to provide efficient support throughout the value chain in agriculture. Agricover provides specialised solutions to help Romanian farmers grow their business.

The Schoenherr team advising Agricover in this matter was led by Narcisa Oprea (partner, capital markets) and included Cristina Tudoraș (attorney at law, capital markets); Veronica Das Alexeev (attorney at law, capital markets); and Silviu Lazăr (attorney at law, banking & finance and capital markets). Their services covered legal advice in connection with all the phases of the bonds' issuance project.

Schoenherr has been active in Romania for 25 years. The Romanian office has a strong capital markets practice, which is ranked in the top tiers of all major international legal directories (Chambers and Partners, Legal500, IFLR1000).

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