Bulboacă & Asociaţii, lawyers representing the Romanian State in connection to the Eurobonds issue worth EUR 1 billion

If carried out, the Eurobonds issue will be worth somewhere between EUR 500 million to EUR 1.5 billion, as previously announced, while the lead-managers will remain the same, stated Bogdan Drăgoi, Secretary of State to the Ministry of Public Finance. At the beginning of September, the Ministry of Finance has selected the following banks - HSBC, Deutsche Bank and EFG Eurobank - to ensure the placement and distribution of Eurobonds issue to investors. Moreover, Drăgoi mentioned that the Ministry of Finance "is open for several issues" of Eurobonds, both on the internal and the external market, depending on the market conditions.

Bulboacă & Asociaţii Law Firm provides legal assistance to the Romanian State in connection with up to EUR 1.5 billion Eurobonds issues prepared by the Ministry of Finance. A team of 6 lawyers, managed by Răzvan Florin Stoicescu and Adrian-Cătălin Bulboacă is involved in this project.

The Consortium consisting of local law firm Bulboaca si Asociatii and UK law firm Slaughter and May won the tender set up by the Ministry of Finance, and they are to provide legal services related to the issue of Eurobonds having a proposed value of EUR 500 million up to EUR 1,5 billion, according to the Ministry of Public Finance announcement of September 2009

The Ministry of Public Finance (MFP) plans to attract over EUR 1 billion from the Eurobonds issue envisaged to be carried out in the first quarter of 2010, if the market allows it, declared Minister Sebastian Vlădescu last week. "We are thinking almost one billion EUR", Vlădescu said. He added that MFP might even proceed to several Eurobonds issues this year, also depending on the market conditions.

If carried out, the Eurobonds issue shall be worth EUR 500 million to EUR 1.5 billion, as previously announced, and the lead-managers shall remain the same, said Bogdan Drăgoi, Secretary of State in the Ministry of Public Finance. At the beginning of September, the Ministry of Finance has selected HSBC, Deutsche Bank and EFG Eurobank to ensure the placement and distribution of Eurobonds issue to investors. Moreover, Drăgoi mentioned that the Ministry of Finance "is open to several issues" of Eurobonds, both on the internal and the external market, depending on the market conditions.

Bulboacă & Asociaţii has 23 lawyers, of which 5 partners, with Adrian Cătălin Bulboacă as Managing Partner.

Among the most significant recent transactions assisted by Bulboacă & Asociaţii, it’s worth mentioning the representation of an international investments fund in connection to the purchase and sale of an important real estate property located near highway A2 (transaction value: approximately EUR 23 million), legal assistance offered to a real estate developer in connection to the purchase of a land of over 100 ha for the setting up of an industrial park (coordinator: Valentin Berea) and legal assistance in the purchase of one of the largest and oldest Romanian companies specialized in gas and oil extraction by a Moldavian company specialized in gas and oil extraction (coordinator: Iulia Toth).

Bulboacă & Asociaţii represented Schroders Investment Management Limited in determining the strategy of Fondul Proprietatea S.A. regarding the selection of a managing fond to administer their assets, estimated at EUR 4 billion. Răzvan Florin Stoicescu and Adrian-Cătălin Bulboacă have also coordinated a team of 8 lawyers to represented the Romanian State in connection with the issue of EUR 750 million Eurobonds.


Twelve lawyers of the firm, coordinated by Corina Ionescu provided legal assistance to Citigroup Global Markets Inc in regards to the program for the issuance of medium-term notes by an Alpha group subsidiary. Corina Ionescu has also coordinated a team of 6 lawyers involved in the EUR 75 million financing ensured by Alpha Bank and Piraeus Bank for the purchase of a large regional company by a major UK offshore bank.

Bulboacă & Asociaţii provided legal assistance to a major Dutch bank in relation to the long-term financing of a private equity investment fund, amounting to EUR 40 million, for the purpose of purchasing a group of 8 Romanian companies operating in the field of construction materials.

Other M&A and joint-venture projects in which the firm’s lawyers were involved include: the takeover by Dole Europe SAS of the largest fruit distributor in Romania (transaction value: EUR 30 million), the partnership between Central European Growth Fund, an Austrian investment fund, and Montana Tech Components AG for the development of a greenfield investment concerning the building of an aircraft parts plant in Romania (coordinator: Cosmin Stăvaru).

In the energy sector, the firm’s lawyers have attended the procurement procedures targeted by the Austrian group Kelag in respect to several project companies which develop wind farms with an aggregate installed power of approx. 700 MW (coordinators: Cosmin Stăvaru, Corina G. Ionescu). They have also attracted strategic investors in a project related to the development of wind farms with an aggregate installed power of up to 600 MW (coordinators - Cosmin Stăvaru and Adrian-Cătălin Bulboacă). They have participated in the development by a Spanish energy company of a wind farm with an aggregate installed power of 300 MW (transaction value: EUR 300 million); assisted GDF Suez (the company that qualified for the final stage) in relation to the competitive procurement procedure of the project companies that are developing the largest wind farm on land in Europe, in Fantanele, Constanta county (coordinators: Cosmin Stăvaru and Adrian-Cătălin Bulboacă); participated in the takeover by Austrian developer ImWind Elements GmbH of the rights to develop greenfield projects for the construction of small hydropower plants in North Romania (coordinator: Cosmin Stăvaru); provided legal assistance in the transaction concluded by the largest power producer and transporter in Austria, Verbund, and one of the main local developers of wind energy projects, transaction that involved a partnership with a purpose of developing a 150 MW wind farm (4 lawyers were involved, coordinated by Cosmin Stăvaru and Adrian-Cătălin Bulboacă).

Bulboacă & Asociaţii has also successfully coordinated the defense of a pharmaceutical company (in and outside of the court) in the most important investigation (by reference to the aggregate amount of fines, i.e. EUR 22.6 million) performed by the Competition Council in Romania, which initially resulted in a decrease of the fine by approximately 66% (coordinator: Valentin Berea) .The firm has also successfully represented Alpha Bank Romania in a dispute on "Alpha Credit" trademark (3 lawyers involved, coordinated by Valentin Berea).

Bulboacă & Asociaţii SCA offers a wide range of legal services in areas such as: Commercial and Corporate Law, M&A, Finance and Banking, Project Finance, Energy, Private Equity, Labor Law, Restructuring, Insolvency, Environmental Law, Real Estate Law, Litigation, Intellectual Property, Competition Law, Telecom, Data Protection.

The firm’s top clients include British American Tobacco, Hygiene Products GmbH, Kraft Foods, Pöyry Infra GmbH, Tymbark, Ascom, Alpha Bank (including Romania), Unicredit Romania, ING Bank N.V. (including Romania), Schroder Investment Management Limited, Deutsche Bank AG London, Erste Bank der Oesterreichischen Sparkassen AG, Raiffeisen Zentralbank Österreich AG (including Romania), Citibank International PLC, Commerzbank and Bank Austria Creditanstalt AG.