Banking Experience

Advising BNP Paribas, a European leader in global banking and financial services and one of the six strongest banks in the world, and JP Morgan Securities, a leading global investment bank, on Lithuanian law matters related to the issue of USD 750 million (approx EUR 540 million) notes of the Republic of Lithuania.

Representing the Government of the Republic of Latvia in the Parex banka bailout, the first government bailout in the Baltics resulting from the global crisis. Services included advice on structuring the transaction, drafted documentation plus advice on negotiating with creditors, finding a strategic investor and recapitalisation.

Advising a major commercial bank based in Ireland on acquisition of the mortgage finance business of AmCredit in the Baltics from the Baltic-American Enterprise Fund plus establishing its operations in the Baltics.

Advising the European Bank for Reconstruction and Development on a EUR 150 million unsecured loan to Latvenergo, for construction of a new combined cycle gas turbine (CCGT). Total project financing exceeding EUR 360 million, is co-financed by the European Investment Bank.

Acting as legal counsel for the European Bank for Reconstruction and Development in connection with a EUR 15 million loan to Pinskdrev Holding Company in Minsk, Belarus. The loan is being made available to upgrade manufacturing facilities and to implement new energy-saving and environment-friendly technologies.

Advising International Finance Corporation (IFC), on provision of a USD 7 million (approx EUR 4.95 million) facility to OMA, a leading Belarusian home improvement goods and DIY (do-it-yourself) retailer and wholesaler jointly owned by Belarusian and European shareholders, including Kesko Group (Finland) and Senukai Group (Lithuania). The IFC facility was for construction of the largest (5,200 m2 total trading area) DIY goods hypermarket, which was opened in Minsk, Belarus.

Acting as legal counsel for the European Fund for Southeast Europe (EFSE), the world's largest microfinance investment fund, on signing a senior loan agreement with Belgazprombank enabling Belgazprombank to borrow USD 30 million (approx EUR 21.22 million) from EFSE to expand its housing finance operations and increase lending to micro and small businesses in Belarus.

Acting for the European Bank for Reconstruction and Development on its USD 30 million (approx EUR 22 million) loan to Belgazprombank. This was the fifth loan issued directly by the EBRD to Belgazprombank with a view to supporting and developing its target customer segment: micro, small and medium businesses.

Representing a consortium of Estonian banks including SEB Pank, Swedbank, Nordea Bank Finland and Danske Bank in EUR 207 million finance to Elering, the Estonian power-grid operator.

Acting as legal counsel to BNP Paribas, a European leader in global banking and financial services and one of the six strongest banks in the world, in a USD 85 million (approx EUR 60.12 million) credit facility for the acquisition of rolling stock, advising the client on the facilities agreement, holding the borrower's shares in trust, drafting inter-creditor and subordination agreements, rolling stock acquisition and lease agreements as well as financial collateral agreements for assignment of claims and pledges over the rolling stock.

Advising a leading global investment bank in conducting a comprehensive pan-Baltic legal due diligence survey on the client's terms and conditions of electronic banking services and products to its corporate customers resident in Estonia, Latvia and Lithuania. SORAINEN advised the client on local banking regulatory, data protection and contract law requirements such as choice of law and jurisdiction, validity and enforceability of the electronic banking terms and conditions.

Advising Raiffeisen Zentralbank Österreich, a leading bank in Central and Eastern Europe, in arranging syndicated loans totalling over EUR 50 million to Baltic Trust Bank, Norvik Banka in Latvia and a secured loan of over EUR 20 million to Bio-Venta for building and running a biodiesel plant in Latvia.

Assisting HSH Nordbank, a strong corporate bank in Northern Europe, on a EUR 22.4 million syndicated loan to finance construction of Tallink Hotel in Riga, Latvia.

Acting for HSH Nordbank, DVB Bank and Merrill Lynch Credit Products on taking security in Latvia over an aircraft in relation to a USD 270 million (approx EUR 191 million) warehouse credit facility to GA Telesis.

Counselling a leading worldwide universal bank on Latvian restructuring and insolvency law issues in relation to facilities granted earlier to the Nexis Fibers group.

Assisting a syndicate of Scandinavian and Polish banks, lead by Nordea Bank Denmark, on refinancing Royal Unibrew group.

Counselling Pohjola Group, a leading Finnish financial services group, on supervisory, compliance and regulatory issues, products and other matters.

Assisting a significant asset management company in Central and Eastern Europe on restructuring its Lithuanian subsidiary's multimillion debt to Deutsche Pfandbriefbank.

Advising LHV, Lõhmus, Haavel & Viisemann, a credit institution based on Estonian capital, in converting a regulated investment firm into establishing an Estonian commercial bank and its passporting elsewhere in the Baltics.

Advising Dresdner Bank, one of Germany's largest banking corporations, on interbank agreement issues in the Baltics.

Acting for Eksportfinans, a Norwegian export credit institution, on its issue of EUR 81 million financing for acquisition of three new ferries from a Norwegian shipyard to service lines from the Estonian mainland to islands.