Norton Rose Fulbright advises Leptos Group on the restructuring of its loans with Bank of Cyprus

Business April 13, 2016

Global law firm Norton Rose Fulbright has advised the Leptos Group on the English law financing aspects of its debt restructuring with Bank of Cyprus.

The Leptos Group is one of Cyprus’ largest group of companies, with its main business interests in real estate development, hotels ownership and management, education (owner of private accredited university) and health care (owner of a hospital).

The key arrangements of the deal include the restructuring of existing term loans between the Leptos Group and Bank of Cyprus and €100m of existing loans being converted into €100m of long-term convertible Loan Notes issued by the Neapolis Smart Eco City holding company, with Bank of Cyprus being the Noteholder.

A corporate reorganisation of the Leptos Group was also completed at the same time.

Michael Ings, partner at Norton Rose Fulbright, comments:

“This was a challenging transaction that involved complex existing borrowing arrangements and the requirement to maintain separation between different parts of the Leptos Group, whilst also agreeing a structure acceptable to Bank of Cyprus within its funding constraints.

“As one of the biggest loan restructurings agreed to date in Cyprus since the financial crisis, this deal is significant not only for the Leptos Group but also for the economy of Cyprus as a whole, and we were delighted to work on this matter.”

The Norton Rose Fulbright team was led by partner Michael Ings, assisted by senior associate Tim Waghorn.

For more information, please contact:  

Meeta Vadher, Senior PR Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595 886 276
meeta.vadher@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognised for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.