Hogan Lovells Finance practice wins three accolades in the IFLR Europe Awards 2020

London, 23 April 2020 – Hogan Lovells Finance practice is delighted to announce that it won three awards in the IFLR Europe Awards 2020 – (1) for the firms work on the City of Belgrade's €380 million waste management PPP project in Serbia and (2) for advising bondholders through the €1.2bn DIP funding, successful settlement plan, and exit financing on Agrokor. The team also won Project Finance 'Team of the Year' . The awards recognise the most outstanding legal innovation in cross-border transactions in 2019.

Deal of the year (Project finance): Hogan Lovells advised International Finance Corporation (IFC), a member of the World Bank Group, and its client, the City of Belgrade, in connection with a landmark public-private partnership project to radically change and update the City’s existing waste management practices, provide a range of new cutting-edge waste management and treatment facilities and enhance the City's renewable power and heat generation capacity. This is the first project of its kind in Serbia, with significant implications for the country's accession to the EU.

Deal of the year (Restructuring): Hogan Lovells was hired by a group of adhoc bondholders to support their position, then to develop a novel €1.2bn financing of new money to Agrokor, to create a platform for negotiations between Agrokor and its creditors. The funding involved an elevation mechanic, and was ultimately subscribed for by creditors across Agrokor's €6bn creditor stack drawing them together as a single group working to restructure the business. Typically, such a complex restructuring is put together over several months, but due to the financial crisis that Agrokor faced, the package was put in place in less than two weeks. Our team supported DIP lenders on the settlement plan, and used a scheme of arrangement to then convert the DIP to exit financing facility that was refinanced at par later that same year.

Matthew Cottis, Global Head of the Finance practice commented:  "Having our work recognised by the IFLR Europe Awards is a fantastic affirmation of the complex, high-quality and innovative work undertaken by our global teams. We are delighted to receive Deal of the Year awards for both Project Finance and Restructuring – areas in which we're market leaders and where our international reach and deep experience continue make a real difference for our clients."

Philip Robb, Global Head of Infrastructure, Energy and Projects added: "The nature and direction of our markets is changing rapidly – everything from delivery models, asset classes, financial structures and the investor mix. So we're particularly pleased to be recognised for our innovation and cross border work as European Project Finance Team of the Year. We have great clients, work as a genuinely integrated global team and are closing first of kind deals across a range of sectors and offices. We're delighted to be placed at the forefront of the European Projects legal market.


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