Harneys Cyprus advises on five major deals

Leading offshore law firm, Harneys, has advised on five significant deals in the firm’s Cyprus office, demonstrating the firm’s specialism in Banking and Finance.

Last year, Harneys acted as Cypriot Counsel to Raiffeisenbank International AG, a premier corporate and investment bank in the Central and Eastern Europe region, regarding a Master ISDA Agreement entered into with BD Enterprise Networking Limited. BD Enterprise Networking Limited distributes IT enterprise solutions and is a principal international distributor across Eastern Europe, Russia and the Commonwealth of Independent States (CIS). The value of the deal was not disclosed. The Harneys team advising on the deal was spearheaded by Partner Nancy Erotocritou.

In addition, the firm was instructed by Sberbank of Russia regarding several secured loan facilities for a Russian potash fertilizer producer and exporter. The loan facilities totalled a substantial value of US$1.9 billion. The Harneys team consisted of Partner Theo Zafeiropoulos and Associates Ariana Georgallis and Panos Ioannou.

Furthermore, Associates Stephanie Havatzias and Irene Panayidou advised the European Bank for Reconstruction and Development, the international finance institution founded in 1991, on a €70 million facility provided to VMG Industry FLLC. VMG Industry FLLC is part of VMG Group of companies, one of the largest Lithuanian groups engaged in wood processing (particleboard and furniture production) and related activities.

Additionally, the firm was instructed by Aeolus Investors, LLC in connection with a facility provided to Pemanoaro Limited. Pemanoaro Limited is jointly controlled by Messrs. Anastasios and Dimitrios Kallitsantsis who are directly controlled and owned by Anastassios and Dimitrios Kallitsantsis, shareholders of Ellaktor SA. Ellaktor SA is the largest construction group in Greece and is listed on the Athens Stock Exchange. The value of the deal was not disclosed. The Harneys team consisted of Partner Nancy Erotocritou and Associates Stephanie Havatzias and Irene Panayidou.

Lastly, Partner Nancy Erotocritou, and Associates Stephanie Havatzias and Irene Panayidou advised Polarity Technologies Ltd, Spigot, Inc., and Eightpoint Technologies Ltd. (the Companies) in connection with a US$15 million loan and security agreement with Silicon Valley Bank. The Companies are subsidiaries of Genimous Technology, a leading publicly traded Chinese internet technology company listed on the Shenzhen Stock Exchange.

Pavlos Aristodemou, Managing Partner of Harneys Cyprus, commented: “The significant deals our Cyprus office has recently advised on demonstrates the depth and strength of the advice Harneys provides on complex transactional matters for our clients. We continue to offer the highest quality advice in one of the central locations for international business opportunities to help clients achieve strong growth.”