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Pioneer Transaction on the Romanian Syndication Market: Syndicated Loan of EUR 60 Million For Hidroconstructia SA, Granted by BRD Led Consortium, Including an Insurance Company

13 Jan 2014

Hidroconstructia SA appointed BRD Groupe Societe Generale, its banking partner for over 50 years, to arrange in its favor a new syndicated revolving facility for EUR 60 million. The recently signed facilties will assure working capital financing needs and permit issuance of bank letters of guarantee related to construction contracts awarded to the company.

The consortium providing these new facilities is represented by BRD-Groupe Societe Generale, acting as mandated lead arranger, issuing bank, facility and security agent and by Allianz-Tiriac Asigurari. BRD- Groupe Societe Generale and Allianz-Tiriac Asigurari are acting together as Guarantor-Creditors for the letters of guarantee section. The implication of an insurance company within a syndicated facility is a pioneering event on the Romanian syndication market. The transaction is also among the few similar transactions in Europe which involved among the lenders a general insurance company acting in surety business. This new syndicated facility fits perfectly into shared values of both financial institutions of promoting innovative solutions to meet their clients’ needs and being the first movers on the financial markets they operate on.

The consortium was advised in concluding the transaction by law firms Clifford Chance Badea and Voicu & Filipescu.

About Hidroconstructia

Hidroconstructia is leader for the execution of hydropower and hydro technical works in Romania and the largest (in terms of turnover) Romanian construction company. Hidroconstructia has developped its activity abroad, executing several important projects in Iraq, Moldova, Germany, Belgium and soon in Serbia.

About BRD-Groupe Société Générale

BRD-Groupe Société Générale is the second bank in Romania considering the total assets’ volume and the first one in terms of major corporate clients and syndicated facilities at mid 2013. BRD - Groupe Société Générale has 2.3 million customers and operates a network of approximately 900 units. With over 2.3 million valid cards and a network acceptance over 21,600 POS and 1,500 ATMs, BRD is no. 1 on the Romanian card market.

BRD is part of the Société Générale Group, one of the largest European financial services groups. The group has 154,000 employees in 76 countries and 32 million customers worldwide in its three key activities:

Retail banking in France
International retail banking
Corporate & Investment banking

About Allianz-Tiriac Asigurari

Allianz-Tiriac Asigurari is one of the leading insurance companies on the Romanian insurance market and a trustwotrhy partner for protection and financial planning. Allianz-Tiriac has constantly been a benchmark for quality on the local market. The company offer includes a complete range of solutions for both life and non-life segments, suitable for individuals and companies. Allianz-Tiriac has always been a market shaper inclusively on the surety business segment, with a significant contribution to the development of the sustainable surety business market.

Allianz-Tiriac Asigurari is part of Allianz Group, a global financial services provider for approximately 78 million customers in more than 70 countries. The product portfolio includes a wide range of Property-Casualty and Life/Health insurance products for both private and corporate customers. Allianz Group is the leading property-casualty insurer globally and ranks among the top five in the life/health insurance business.

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Pioneer Transaction on the Romanian Syndication Market: Syndicated Loan of EUR 60 Million For Hidroconstructia SA, Granted by BRD Led Consortium, Including an Insurance Company