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”.
The Deloitte UK team was led by Floris Hovingh, Partner and Head of Alternative Capital Solutions, who stated: “Deloitte UK is delighted at the outcome of this debt raising process, which is a ground-breaking deal in the Eastern European debt markets and importantly a historic milestone in the evolution of the Romanian chemical sector.”
George Mucibabici, Chairman of Deloitte Romania and the leader of the involvement of the local team, further added: “Deloitte would like to thank Mr. Vuza for his renewed trust in us as his advisors and I am glad that through our combined effort with his management team, we were part of making this success story happen.”
The local corporate finance advisory team was coordinated by Ioana Filipescu, Corporate Finance Partner, and led by Florin Paunescu, Director, and was responsible for the review of supporting financial documentation and preparation of the lending briefing pack. “We are truly proud of having been part of this transaction and are looking forward to leveraging our experience on future transactions”, said Ioana Filipescu, Corporate Finance Partner, Deloitte 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.”