White & Case advises České dráhy (Czech Railways) on successful €500 million notes issuance

Global law firm White & Case LLP has advised České dráhy (Czech Railways), the major railway operator in the Czech Republic, on its landmark issuance of €500 million 3.750% senior unsecured notes due 2030 listed on the regulated market of the Luxembourg Stock Exchange.

The issuance sparked exceptional investor demand, with the offering more than six times oversubscribed and attracting more than €3 billion in orders. České dráhy has tapped the international capital markets following its previous Eurobond issuance in 2022, enabling it to make further substantial investments in its new rolling stock. BNP PARIBAS and Erste Group Bank acted as joint global coordinators and ING Bank, KBC Bank and Raiffeisen Bank International acted as joint bookrunners.

Lukáš Svoboda, member of the board of directors and deputy CEO for economics and purchasing at České dráhy, said: “We will use the proceeds from the transaction to invest in new rolling stock and to refinance existing liabilities, so its success has been very important to us. The high investor demand has shown that investors believe in our story and view our financial performance very positively. At the same time, we placed great emphasis on the smooth execution of the transaction, something that was made possible thanks to the excellent collaboration of all parties involved, including the support of our legal counsel White & Case.”

White & Case partner Petr Hudec, who led the Firm’s deal team, said: “We are glad we could support České dráhy in this yet another very successful finance transaction, which allows the company to make substantial investments in new rolling stock and contributes to its further development.”

The White & Case team which advised on the transaction was led by partner Petr Hudec, working closely with counsel Petr Šmerkl and associate Anna Bezděková in Prague. The team was further strengthened by London-based partner Stuart Matty.

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