Emma Capital's Dual-Issuer Note Success Sets New Precedent
Deal News | Jul 15, 2025 | White & Case LLP
Global law firm White & Case LLP has successfully advised Emma Capital on its pioneering dual-issuer CZK 7.5 billion note program and subsequent debut issuances of CZK- and euro-denominated senior secured notes. The transaction marks the first Czech-law-governed dual-issuer note program, entering the capital markets with innovative features such as shared guarantees and securities over shares in publicly traded companies, which required significant coordination and discussions with regulators across four jurisdictions. The issuance includes CZK 2.5 billion notes with a 6.00% coupon due in 2030 from Emma Finance CZ a.s., and €50 million notes at a 5.25% coupon from Emma Finance SK a.s., both to be traded on the Prague Stock Exchange. This initiative is part of Emma Capital's strategy of engaging in long-term investments across varied sectors such as energy, gaming, logistics, and e-commerce, and underscores its active management approach to value creation. J&T IB and Capital Markets served as the arranger and J&T BANKA as the manager for the deal, which reflects a significant milestone in Central and Eastern Europe's capital markets.
Sectors
- Capital Markets
- Investment Management
Geography
- Czech Republic – The article details a note program established under Czech law with issuances targeting the Czech market.
- Slovakia – The euro-denominated notes were offered to both Czech and Slovak markets.
Industry
- Capital Markets – The article discusses the issuance of notes in the capital markets, highlighting new precedents and innovative structures.
- Investment Management – Emma Capital's involvement as a private investment holding focuses on creating value through strategic investments in sectors like energy, gaming, logistics, and e-commerce.
Financials
- CZK 2.5 billion – Value of the notes issued by Emma Finance CZ a.s. at a 6.00% coupon due 2030.
- €50 million – Value of the notes issued by Emma Finance SK a.s. at a 5.25% coupon due 2030.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | A global law firm that advised Emma Capital on the transaction. |
| Emma Capital | Target Company | Company | A private investment holding company focusing on long-term value creation. |
| Emma Finance CZ a.s. | Issuer | Company | Issued CZK 2.5 billion notes as part of the dual-issuer program. |
| Emma Finance SK a.s. | Issuer | Company | Issued €50 million notes as part of the dual-issuer program. |
| Emma Alpha Holding Ltd | Guarantor | Company | The group holding company providing the shared guarantee. |
| Premier Energy Plc | Security Provider | Company | Shares in this publicly traded company are part of the note securities. |
| J&T IB and Capital Markets, a.s. | Arranger | Company | Acted as the arranger for the note offering. |
| J&T BANKA, a.s. | Manager | Company | Served as the manager for the issuance. |