Kelemenis acts as Greek Counsel to the Bank of Cyprus for the pledge under a €150-million facility

Kelemenis & Co. acted as Greek Counsel of the Bank of Cyprus in relation to a pledge placed on listed shares owned by a Cypriot company under a €150-million facility. The Borrower and the Bank agreed to re-designate the terms of several facility agreements by a new facility agreement. To secure the repayment of the new facility agreement, a pledge was agreed to be placed on the listed shares owned by the Borrower in a Greek company. Given that the Bank has been appointed as a Security Agent, Kelemenis & Co. has been instructed to advise on how the (Greek) pledge could be established in favour of a Security Agent, to draft the relevant pledge agreement and to prepare all the documents required to be filed with the Greek Central Securities Depository for the formation of the pledge.