Costin Teodorovici

Compania: Bulboacă & Asociații
Functia: Partener
Calitatea in comunitate: Membru
Informatii suplimentare:
Industrie: Servicii Juridice

Costin Teodorovici

 

Present Position: Partner

Office: Bulboaca & Asociatii SCA

Nationality: Romanian

Profession: Attorney-at-law

Languages: English, French

 

Main Practice Area: Banking & Finance

Other Practice Areas: Mergers & Acquisitions, Competition, Insurance, Public Procurement & Concessions

Direct Telephone: +40 (21) 408 8941

Direct Fax: +40 (21) 408 8911

Mobile: + 40 (0) 743 558 409

Email: costin.teodorovici@bulboaca.com

 

Experience:

Costin is a Partner at Bulboaca & Asociatii SCA. His expertise includes advising a broad range of clients such as major international corporations, investments funds and banks in various financing projects (including real estate and M&A project finance), as well as various other corporate & commercial aspects. His expertise also extends to insurance and other financial services, and drafting and negotiating complex commercial contracts. Costin has also experience in competition, being selected by the prestigious publication The International Who’s Who of Competition Lawyers & Economists 2012 among the top 8 competition lawyers in Romania.  He graduated from the Law School of the Bucharest University and he is a member of the Romanian Bar Association. He also holds a LLB in EU Law from Paris 1 Pantheon Sorbonne University. He is fluent in English and French.

Transactions of significance where substantial involvement can be disclosed have included:

 

  1. Banking & Finance
  • Deutsche Bank AG, London

–             advising in connection with a proposed set-off in swap with Romanian sovereign

  • Mastercard Advisors

–             advising in connection with banking regulatory consequences for having the client designing, establishing and running a direct sales force acquisition channel that is capable of cost-effectively originating credit card applications for BCR to accelerate the growth of their credit card portfolio

  • Crédit Agricole Corporate and Investment Bank

–             advising in connection with taking security over shares held by CS Systèmes d’Information in CS Romania in connection with a number of credit facilities in total amount of approximately EUR 22 million granted by Banque Palatine, Bred Banque Populaire, Crédit Agricole Corporate and Investment Bank, Société Générale and Crédit du Nord to CS Systèmes d’Information as working capital

  • Banca Comerciala Romana

–             advising in connection with the financing of a wind farm in Romania;

–             advising in connection with approximately EUR 13 million financing for an indirect acquisition of a Romanian company by a Dutch company

–             advising in connection with a proposed financing for Targu Mures Local Authority to assist it in developing of social houses

  • Raiffeisen Zentralbank Österreich AG

–             advising in connection with the restructuring of a EUR 15 million facility

–             advising in connection with the amendment to certain mortgage agreements concluded as security for EUR 31,450,000 financing regarding the release of the mortgage over the electrical grid that the borrower intended to sell to Enel Distributie Muntenia Sud

–             advising in connection with a EUR 26.675.000 credit facility for the construction and development of three office buildings in Bucharest (Equest Logistic)

  • Raiffeisen Bank Romania S.A.

–             advising in connection with the restructuring of approximately EUR 19 million secured facilities granted for the acquisition of an office building located in Bucharest

  • Ritzio International Limited
    • advising in connection with an exchange offer for the USD 280 million Pass-Through Limited Recourse Bonds due July 2010 (value: USD 100 million)
    • JP Morgan Europe Limited

–             advising in connection with a Romanian Share Pledge amendment following the accession by Stable Romania to existing facility documents that were entered into at the time of the restructuring as a guarantor and as a Material Company for the purposes of covenant tests and guarantor coverage percentage levels

–             advising in connection with the restructuring of a EUR 673,500,000 secured facility granted for the acquisition of a German based automotive sector company

  • UniCredit Consumer Financing IFN S.A.

–             advising in connection with the legal regime of charging interest on interest as part of a product launched by a non-banking financial institution

  • BNP Paribas S.A.

–             advising in connection with the mechanics of a structure available to those clients who are willing to centralise payments (to suppliers, employees, tax and social payments etc.) within the framework of their group through a „payment factory” in order to save costs and human resources

  • Dorda Brugger Jordis

–             advising in connection with EUR 245 million financing facilities granted by Unicredit to Nufarm Limited, one of the world’s leading crop protection companies

  • ING Bank NV Amsterdam, Bucharest Branch

–             advising in connection with a EUR 40 million secured long-term financing made available to the private equity fund Polish Enterprise Fund VI in order to assist it in the acquisition of a group of eight Romanian companies operating in the material construction sector

–             advising in connection with the restructuring of an existing facility as a consequence of the corporate restructuring of the borrower and its group        (EUR 40 million)

  • ModaTim Properties S.R.L.

–             advising in connection with the financing granted by BCR for the construction of the third building in City Business Centre in Timisoara (approximately EUR 9 million)

  • Capital Property AS
    • advising in connection with the financing of a real estate acquisition
  • Alpha Bank Romania S.A.
    • advising in connection with the restructuring and increase of the existing financing for the development of the residential park „Asmita Gardens” (EUR 90 million)
    • Lehman Brothers Holdings Inc

–             acting for Lehman Brothers Holdings Inc as a Debtor in Chapter 11 in the US in realisation of different Lehman assets worldwide, including Romania

  • Citibank International PLC
    • advising in connection with an uncommitted revolving trade receivables discount financing under which the Bank will be the purchaser of receivables from Huawei Tech Investment Co., Ltd Hong Kong (US$ 36 million)
    • Alpha Bank AE

–             advising in connection with a EUR 75 million financing by Alpha Bank and Piraeus Bank of the acquisition by HSBC of a local company operating a large retail park nearest Bucharest

  • Investkredit Bank A.G.

–             advising in connection with the restructuring of several loans

–             advising in connection with the development of a building office located in the north west of Romania estimated at EUR 28 million

–             advising in connection with the development of a building office located in the centre of Romania (EUR 20 million)

  • Credit Europe Bank

–             advising in connection with the restructuring of a pool of loans in light of restructuring the borrower

–             advising in connection with the incorporation of certain companies, among others a non-financial institution (IFN) and drafting of standard contracts for the transfer of unperforming receivables and collection of bad debt

–             advising in connection with the analysis of restructuring systems applicable to certain existing facilities in light of the bankruptcy law (approximately EUR 6 million)

  • Singapore Investment Corporation Pte. Ltd

–             advising in connection with the analysis of the impact on the Romanian market of the issuance by Citigroup Inc of preferred and common stock and purchase of such stock by client

  • Sensus Metering Systems GmbH Ludwigshafen

–             advising in connection with the analysis of existing accounts payable and creation of related security

  • EFG Eurobank Ergasias S.A.

–             advising in connection with the implications arising from the implementation by Bancpost of an electronic transaction managing software application operated from a location outside Romania, such implications including, among others, issues pertaining to outsourcing, banking secrecy and personal data protection

  • Anglo-Romanian Bank Ltd & BCR

–             advising in connection with a credit facility for the acquisition of six oil platforms by Grup Servicii Petroliere (GSP)

  • Goldman Sachs, J.P. Morgan, Lehman Brothers, Intesa Sanpaolo, Citigroup

–             advising in connection with the syndicated EUR 2 billion facility arranged for the acquisition of a division of the Pirelli group

  • P. Morgan

–             advising in connection with a EUR 200 million credit facility in relation to an international M&A transaction

  • Schroder Investment Management Limited

–             advising in connection with the establishment by Fondul Proprietatea of its strategy for the management of its assets estimated at EUR 4 billion

  • Cascade Park Plaza

–             advising on whether a specific Romanian Bank acting as agent for specific London based banks is entitled to charge default interest  from its borrower for the situation where an award had been obtained against the borrower by a construction company in relation to construction works for an office building

  • Credit Suisse, Banc of America, Citigroup

–             advising in connection with a syndicated EUR 400 million facility for an international M&A transaction

  • Citigroup Global Markets Inc

–             advising in connection to the establishment of the program for the issuance by a Alpha group subsidiary of Medium-Term Notes estimated at USD 7.5 billion

  • International Finance Corporation

–             advising in connection with a EUR 7.5 million facility for a Romanian leasing company

  • ABN Amro

–             advising in connection with a syndicated EUR 60,000,000 facility arranged for Banca Transilvania

  • EBRD

–             advising in connection with a EUR 10,000,000 facility for Stirom S.A.

  • Citibank

–             advising in connection with various regulatory matters

  • Banca Romaneasca, NBG, Banc Post, EFG

–             advising in connection with a credit facility for the development of a shopping mall

  • Depfa

–             advising in connection with a credit facility for a Romanian bank

  • ING Bank

–             advising in connection with a EUR 200 million credit facility for Euromedic

  • FMO

–             advising in connection with a EUR 5 million credit facility for a Romanian leasing company

  • Raiffeisen Zentralbank Österreich AG

–             advising in connection with a EUR 33 million credit facility for BBP

  • Fortis Bank

–             advising in connection with a EUR 200 million credit facility in relation to an international M&A transaction

  • Royal Bank of Scotland

–             advising in connection with a GBP 200 million credit facility in relation to an international M&A transaction

  • Natixis

–             advising in connection with a credit facility in relation to a M&A transaction

  • HVB (currently Unicredit)

–             advising in connection with notices to Romanian investors on capital markets

  • Hewlett Packard

–             advising in connection with matters pertaining to intra-group financing

  • North

–             advising in connection with investment facilities amounting to EUR 30 million

  • Nordea

–             advising in connection with security agreements over ships under construction in Romania

  • Neocity

–             advising in connection with a EUR 2 million re-financing credit facility granted by a Romanian bank

  • Miller

–             advising in connection with various matters pertaining to financing real estate projects in Romania

  • GTC

–             advising in connection with a EUR 60 million investment facility in relation to the development of a residential project in Bucharest

  • Fabian Fund

–             advising in connection with investment facilities amounting to more than EUR 70 million in aggregate

–             advising in connection with the listing on the London Stock Exchange

  • Bluehhouse

–             advising in connection with a EUR 15 million investment facility

  • Other private investors and investment funds

–             advising in connection with the negotiation and implementation of investment credit facilities from various banks

  • S. Bank

–             advising in connection with certain regulatory aspects related to credit card activities in Romania

  • UBS

–             advising in connection with various regulatory matters related to government bonds

  • EurClear

–             advising in connection with various regulatory matters related to government bonds

  • Citibank

–             advising in connection with an extensive review of the applicable banking legal framework

  • Bank of America

–             advising in connection with various regulatory matters related to financial services

  • General Electric

–             advising in connection with general matters pertaining to real estate and financing under Romanian law

  • Prominent Polish receivables collector

–             advising in connection with various matters pertaining to transfer and servicing of bad debt/loan portfolios and use thereof for securitization purposes


  1. Corporate, M&A, Privatisation
  • Prio Extractie & Prio Combustibil
    • advising in connection with the establishment of a joint-venture between Koninklijke Bunge B.V. and Prio Foods SGPS and subsequent acquisition by such joint-venture of each of their subsidiaries in Romania for the purposes of developing jointly production of crude oil and refined soya, rapeseed and sunseed oil and meal at their crush plants and biodiesel plants in Romania (value approximately EUR 100 million)
  • RBS Asset Management Limited
    • acting in connection with an equity and debt investment in Gada, a UK holding company of healthcare business, supplying products and services to hospitals in Italy, Romania and Turkey in order to assist it in the making of certain tactical acquisitions of similar companies in the Eastern Europe
    • Kraft Foods Romania

–             advising in connection with employment, as well as redundancy legal issues and various matters concerning the restructuring and reorganisation of the company from a labour law perspective and choices between different forms of employment and also closing down of a manufacturing unit

  • British American Tobacco

–             advising in connection with corporate and labour issues

–             advising in connection with general commercial matters on day to day business

  • Wipro Technologies

–             advising in connection with the transfer of undertaking in Romania as part of a multijurisdictional transfer from Alcatel Lucent

  • Alcoa Inc.
    • advising in connection with the partial transfer and restructuring of the group in corporate and labour matters
    • advising in connection with the acquisition of Alcoa group, having a subsidiary located in Romania
    • Credit Europe Bank (Romania) S.A.

–             advising in connection with the analysis of restructuring systems applicable to certain existing facilities in light of the bankruptcy law (approximately EUR 6 million)

  • ING Bank NV Amsterdam, Bucharest Branch

–             advising in connection with the restructuring of an existing facility as a consequence of the corporate restructuring of the borrower and its group        (EUR 40 million)

  • Victory Transformers and Switchgear Limited

–             advising the client in the context of a multi-jurisdictional due diligence in connection with the indirect acquisition of Argillon Romania S.A. one of the largest manufacturer of ceramic insulators and insulating fittings in Romania

  • Romanian State

–             advising in connection with the privatisation of Banca Comerciala Romana

  • OMV

–             advising in connection with the privatisation of Petrom

  • NM Rotschild & Sons/Romanian Government

–             advising in connection with the due diligence process for the privatisation of Electrica Transilvania Nord, Electrica Transilvania Sud and Electrica Muntenia Nord (2006)

 

  1. Leasing
  • Mitsui

–             advising in connection with various regulatory matters pertaining to leasing of locomotives in Romania

  • Prominent Romanian bank

–             advising in connection with standard leasing documentation

  1. Insurance
  • A.T.A Assicurazioni

–             advising in connection with the due diligence and acquisition of a Romanian insurance company, restructuring the business thereof and compliance with Romanian regulatory requirements

  • CLAL

–             advising in connection with the due diligence of a Romanian insurance company

  • Zurich Insurance

–             advising in connection with various regulatory matters

  • Lovells (law firm)

–             advising in connection with regulatory matters pertaining to non-admitted insurance

  1. Procurement
  • BAE Systems

–             advising in connection with procurement of special technique

  • Raytheon

–             advising in connection with procurement of special technique

  • MOWAG

–             advising in connection with procurement of special technique

  • Lockheed Martin

–             advising in connection with procurement of special technique


  1. Real Estate
  • ModaTim Properties
  • advising in connection with the financing granted by BCR for the construction of the third building in City Business Centre in Timisoara (approximately EUR 9 million)
  • Isolux Corsan
  • advising in connection with a concession agreement
  1. Capital Markets
  • Standard Charter Bank
  • advising in connection with the implementation of cross-border delivery of sophisticated banking and financial products to Romania to specialised counterparties, e.g. funds, credit institutions etc.
  • Credit Europe Bank
  • advising in connection with the incorporation of certain companies, among others a non-financial institution (IFN) and drafting of standard contracts for the transfer of unperforming receivables and collection of bad debt
  • Singapore Investment Corporation Pte. Ltd
  • advising in connection with the analysis of the impact on the Romanian market of the issuance by Citigroup Inc of preferred and common stock and purchase of such stock by Client

 

  1. Competition/Anti-trust
  • Allianz Tiriac Asigurari
  • successfully defending the Client before the Board of the Competition Council in relation to a high profile cartel investigation of the Competition Council on the private pensions funds market (no fines have been imposed on the client)
  • Allianz Tiriac Pensii Private
  • successfully representing the Client before the Board of the Competition Council in relation to an investigation of the Competition Council on the private pensions funds market (for a different allegation than the one against Allianz Tiriac Asigurari SA) (a relatively small fine has been imposed upon the Client, which is now challenged in court in view of obtaining full exoneration)
  • UPC Romania
  • advising in connection with a dominance case before the Romanian Competition Council
  • British Romanian Tobacco Romania
  • advising the client in relation to a high profile investigation of the Competition Council
  • Baker Hughes
  • advising the client in connection with anti-trust matters
  1. Technology, Media and Telecommunication (TMT)
  • UPC DTH Services Sarl
  • advising in connection with licensing issues
  • UPC Romania
  • advising in connection with competition matters doubled by analysis of relevant markets in the field of telecommunications.
  • Google
  • advising in connection with enforceability of ”click-to-accept” and eSignatures in Romania, in B2B and B2C contracts and other corporate documents

 

  1. Other
  • Spanish energy group
  • advising in connection with zoning and other regulatory requirements in relation to the construction and operation of land based wind mills (2006)
  • ABN Amro
  • advising in connection with the implementation of such company’s electronic banking system, including advice with respect to the applicable regulatory framework and drafting the documentation related to the provision of e-banking services
  • Western Union
  • advising in connection with numerous aspects relating to the money transfer business, including regulatory aspects, consumer protection, personal data protection and potential litigation
  • Valeo
  • advising in connection with the negotiation and preparation of lease agreements for certain industrial facilities
  • Tenaris group
  • advising in connection with the negotiation of a water supply agreement with a municipal entity and advised on various matters, including labor related issues and insolvency
  • Sothesby
  • advising in connection with Romanian legal framework for trading works of art
  • Smithfield
  • advising in connection with the due diligence related to the acquisition of certain Romanian companies in the food industry
  • Schlumberger
  • advising in connection with the due diligence related to the acquisition of certain Romanian companies
  • Saint Gobain
  • advising in connection with certain regulatory matters
  • Petrom
  • advising in connection with the due diligence related to the acquisition of certain Romanian companies
  • Credit Suisse/Blackrock Communications
  • advising in connection with various matters relating to the Romanian communications legal framework
  • GN Resound
  • advising in connection with the acquisition of a Romanian company
  • Gaz de France/Distrigaz Sud
  • advising during negotiations in connection with regulator and drafting of general terms and conditions applicable to gas supply/distribution agreements (2005)

 

Education:

2000 – 2004 Bucharest University, Faculty of Law, Law Degree.
2000 – 2004 Paris 1 – Pantheon Sorbonne University, LLB in EU Law.

 

Career to Date:

January 2012 to date: Partner, Bulboaca & Asociatii SCA Bucharest, Romania;
May 2009 – December 2011: Senior Associate, Bulboaca & Asociatii SCA Bucharest, Romania;
10 March 2008 – April 2009: Associate, Bulboaca & Asociatii SCA, Bucharest, Romania;
2006 – 2008: Associate, NNDKP Bucharest, Romania;
2004 – 2006: Junior Associate, NNDKP, Bucharest, Romania;

 

Professional Offices:

Member of the Romanian Bar Association.

 

Other:

Has written articles (selection):

  • Co-author of the M&A Romania chapter included in “The Mergers & Acquisitions Review” edited by Law Business Research Ltd. published on September 2012;
  • Author of several articles with respect to the legal matters in auto sector published in “Auto Motor and Sport” in 2012;
  • Article “Privatisation and Public Private Partnership in Romania” published in “Privatisation and Public Private Partnership Review 2008 and 2009” magazine, edited by Euromoney Institutional Investor PLC.

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