Abreu advises Efacec Group on State-guaranteed financing

Abreu Advogados has provided legal assistance to the Efacec Group in the negotiation of a new financing which was guaranteed by the Portuguese State

The financing was made by a banking syndicate composed of five Portuguese banks. This is the first State-backed financing involving a banking syndicate under the law that instituted the so-called public bank credit moratorium and which complies with the Temporary Framework approved by the European Commission regarding State aid measures to support the economy in the current context of the COVID-19 outbreak.

The autonomous guarantee provided to the banks by the public entity Norgarante amounts to 90 per cent of the loan amount. This pioneering and highly complex operation that involved, in addition to the financing banks, also the Directorate-General for Treasury and Finance, the Treasury and Public Debt Management Agency, the Portuguese Mutual Guarantee Society, Norgarante and the State holding company Parpública, received the necessary approval from the State in the exercise of its shareholder function following the nationalisation process of 71.73% of Efacec, and is purported to allow Efacec to normaliSe its activity.

Abreu´s team was coordinated by M&A and Corporate partner Manuel Santos Vítor (pictured left), and Banking and Finance partner Rodrigo Formigal (pictured right).

Abreu advises Efacec Group on State-guaranteed financing

Antonio Jimenez Morato

iberianlawyer.com

Iberian Lawyer, is a monthly digital magazine, published by LC Publishing, available in Spanish and English. It represents the main source of information in the legal business sector in Spain and Portugal. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

In every issue of the magazine, you will find rankings of lawyers, special report on trends, interviews, information about deals and their advisors.

For further information, please visit the Group’s website www.lcpublishinggroup.com

Iberian Lawyer
Registered office: C/ Manuel Silvela, 8 - Oficinas 1 Dcha 28010 Madrid España

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram