Deloitte � 600 million euros in debt advisory mandates in 2009

The credit facility committed by BCR will be used to finalize INR’s high-end residential project Silver Mountain in Poiana Brasov

The INR deal adds to a 600-million Euro portfolio of completed and on-going debt advisory mandates of Deloitte in 2009.

“Sealing a contract of such size, in an industry most affected by the economic downturn, sends a positive message to the market as a whole. This has been an intensive project for all parties involved, at a time when difficult market conditions justified a cautious attitude from banks,” said George Mucibabici (photo), Chairman Deloitte Romania.

The first stage of the Silver Mountain project was expected to complete in June 2010 and included the construction of five home buildings and a 184-room Radisson hotel. The investment in the construction of the home buildings totaled 75 million euros.

“In any finance deal, on one side of the table sits the lender, which is naturally looking to put in place a legal structure and documentation providing the comfort on how the money will be spent and respectively repaid. On the other side you have the borrower, which will always seek to achieve clear, objective and achievable conditions in which it can actually draw the funds, and to limit to the extent possible the cases in which it may be asked to repay before the agreed maturity. The finance lawyers’ role, jointly with the financial advisors, is to help both parties in reaching a mutually convenient agreement, in the shortest period of time,” said Andrei Burz Pinzaru, Partner Reff & Associates.

Built around local and international advisors, Deloitte Financial Advisory is part of professional services firm Deloitte Romania. The team provides clients with a full range of corporate finance and transaction support services including mergers & acquisitions (M&A), transaction support services, valuation services, non-performing loans advisory, business modeling, merger integration, project finance, capital and debt raising, public private partnerships (PPP) and corporate restructuring.

Reff & Associates is the correspondent law firm of Deloitte Romania, fully integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a network of law firms and legal departments working with Deloitte all over the world.

Since 1998, Deloitte’s correspondent legal practice has been providing assistance to clients in Romania on various matters pertaining to mergers and acquisitions, corporate and commercial law, finance, banking and capital markets, real estate, project finance, employment, competition, fiscal and commercial litigation, and intellectual property.

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