Cyprus: Lellos P. Demetriades Law Office LLC Deals Review
CLIENT: Canadian mother company having worldwide subsidiaries was renewing/amending existing credit facilities under a syndicated loan.
DESCRIPTION OF THE TRANSACTION: Subsidiaries in various jurisdictions were providing securities for the credit facilities to the Agent of the loan. We were involved with the Cyprus subsidiary which was providing an indemnity and guarantee. Moreover there was an intercorporate debt subordination agreement that the Cyprus company was signing as an intercorporate creditor containing an assignment of the receivables from the mother company to the Agent. Our role was to review the transaction documents, draft documents for the Cyprus company, proceed with registration of charge created by the assignment and provide legal opinion on closing of the transaction.
VALUE: USD 500,000,000
COMPLETED: October 2020
LAWYER: Theodora Taoushani and George Taoushanis
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