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Public companies and investment industry

Our team has vast experience in the capital markets area in Bulgaria, gained in the
last twenty years, including some of the projects that were procured for a very first time in
Bulgaria as:
● the first mandatory convertible preferred shares public offering in Bulgaria in line with
international standards;
● the first exchangeable bonds issued by a Bulgarian corporate;
● the first division (split) of a Bulgarian listed company;
● the first dual listing of a Bulgarian corporate on the main market of an EU stock
exchange;
● the first IPO in Bulgaria combining capital increase and sale of existing shares;
● the first IPO of a Bulgarian company comprising a global offer to international investors;

● the establishment and licensing of the first Bulgarian asset management company;
● the first sponsored GDR project of a Bulgarian company;
● the first REIT in Bulgaria;
● the first right issue in Bulgaria.
Few selected projects in numbers:
● Bravo Property Fund ADSIC – Rights issue of 36,400,000 BGN new common shares and
30,000,000 BGN 3.25% 5-years notes issue.
● Sviloza AD – 175,000,000 BGN going-private transaction (tender offer and delisting of
the company).
● Bulgarian Telecommunications Company EAD – Advising the BTC EAD regarding EUR
400,000,000 6 5/8% senior secured notes issue listed on the Irish SE.
● Chimimport AD – Advising the issuer regarding a new issue of 9% 90,000,000 BGN
mandatory convertible preferred non-voting shares of Chimimport AD.
● Sopharma AD – Dual listing of one of the Bulgarian leading pharmaceutical firms
Sopharma AD in Warsaw.
● Zarneni Hrani Bulgaria AD – €98.2 million public offering of existing shares of Zarneni
Hrani Bulgaria AD and listing of the company on the Bulgarian Stock Exchange;
● Chimimport AD- €112.5 million rights issue and capital increase of Chimimport AD;
● First Investment Bank – First Investment Bank’s €90 million IPO and listing on the
Bulgarian Stock Exchange, the first Bulgarian combined offering of new and existing
shares;
● Petrol AD – Petrol AD €100,000,000 8.375 per cent. 5 years eurobond due 2011, in a
team with the London offices of Clifford Chance and Linklaters;