NBLO Advises on USD 111.5 Million Cross-Border Financing Involving Bulgarian Security Package

New Balkans Law Office (NBLO) is pleased to announce its role in the successful completion of a USD 111.5 million cross-border financing transaction, delivered in close cooperation with a leading US law firm. The transaction involved a syndicated loan agreement with a total facility amount of USD 111,500,000 under which the international lead counsel acted for the administrative agent on behalf of the lenders.

Bulgarian Law Advice on Syndicated Loan, Joinder and Collateral

NBLO was instructed to coordinate and implement the joinder of the borrower’s Bulgarian subsidiaries as joint debtors and to structure, document and perfect a Bulgarian-law security package in support of the financing.

Our work included the creation and perfection of special pledges under Bulgarian law over:

• the going concerns of the Bulgarian subsidiaries, including their assets as a whole;
• the shares in the relevant Bulgarian entities; and
• related collateral required to support the broader financing structure.

A key part of the mandate was ensuring that the Bulgarian security and joinder arrangements complied fully with Bulgarian legal, regulatory and practical requirements, while remaining consistent with the New York law-governed finance documents.

Cross-Border Financing with Bulgarian and New York Law Elements

This matter required detailed coordination between the Bulgarian legal framework and the New York law financing structure. The transaction also involved close cooperation with multiple stakeholders, including lenders’ counsel, the administrative agent, and other local and international advisers.

NBLO’s role highlights the firm’s experience in cross-border finance, secured lending, syndicated lending, and Bulgarian collateral structuring for multinational transactions.

NBLO’s Role in the Transaction

NBLO handled the full Bulgarian legal workstream, including:

• advising and assisting the administrative agent throughout the transaction;
• mapping out and implementing the steps required for the execution, registration and perfection of the joinder and collateral package;
• carrying out comprehensive legal due diligence on the Bulgarian subsidiaries and their registered assets;
• drafting and coordinating the execution of all Bulgarian-law transaction documents required for completion; and
• issuing a Bulgarian legal opinion covering the due execution, validity and perfection of the joinder and security.

The transaction was completed successfully within the required timeframe, enabling the lenders to extend full credit support across the borrower’s multinational group structure.

Team

The matter was led by Kamen Shoylev, Nevena Bekyarova and Petro Tyufekchiev. Their combined experience in banking and finance, cross-border transactions, and Bulgarian security enforcement and perfection ensured the smooth integration of Bulgarian legal requirements into the wider international financing framework.

About NBLO

NBLO regularly advises corporate borrowers, lenders, syndicate agents, institutional investors, and international law firms on complex, high-value cross-border transactions. The firm has particular experience in Bulgarian law finance matters, including secured lending, transactional due diligence, legal opinions, collateral structuring, and multi-jurisdictional deal execution.

NBLO remains committed to delivering commercially focused legal advice and to supporting the continued development of the Bulgarian legal, finance and investment environment.