January 17 (SeeNews) - Albania's finance ministry said it has selected US-based multinational law firm Dechert LLP as a legal consultant for a planned issue of its sixth Eurobond.
The evaluation was made on the basis of the technical proposal including similar work experience, proposed methodology and qualifications of the key proposed staff, and the economic proposal, the finance ministry said in a statement published on its website.
The consultant will be providing legal advice on the Eurobond issuance, with expertise in English law and US federal securities law.
The new Eurobond will be valued at the minimum amount of 500 million euro ($541.4 million), according to earlier data. The government has included the new Eurobond issue in the 2023 budget, but said it will make the borrowing only if market conditions are adequate. The government also plans to buy back some 250 million euro of an existing Eurobond maturing in 2025 to reduce the risk of refinancing.
Albania's government issued a 650 million euro ten-year Eurobond in November 2021. Prior to that, Albania issued a 650 million euro seven-year Eurobond in 2020, a 500 million euro seven-year Eurobond in 2018 and a 450 million euro five-year Eurobond in 2015. The country's first 300 million euro Eurobond was issued in 2010.
Dechert LLP is US-based multinational law firm that delivers legal advice. It has built a global platform across 21 locations, according to its website.
($ = 0.923 euro)