Advisory work on Slovakia’s €3.6 billion refinancing by Slovenské elektrárne marks the country’s largest-ever corporate debt deal and underscores Slovakia’s evolving role in Central European finance, energy transition, and infrastructure development.
Advisory work on loan transactions continues to dominate Slovakia’s banking and finance legal sector, with significant deals underscoring the country’s growing financial and corporate maturity. The firm A&O Shearman leads the field, notably for its role advising Slovenské elektrárne, Slovakia’s largest electricity producer, on the refinancing of a €3.6 billion loan portfolio. This transaction marks the largest corporate debt refinancing in Slovak history and ranks among the most prominent financing deals in Central and Eastern Europe.
According to Renátus Kollár, a partner at A&O Shearman, the deal provides Slovenské elektrárne with a robust financial structure underpinning continued growth in the energy market. The funds will primarily refinance existing senior and subordinated liabilities, while also supporting general corporate needs such as working capital. UniCredit Bank served as global coordinator and agent for the refinancing, with Clifford Chance advising the creditors. The loan portfolio includes a combination of amortizing and bullet term loans alongside a revolving credit facility.
The transaction aligns with Slovenské elektrárne’s strategic focus on sustainable and diversified energy operations, encompassing hydroelectric, nuclear, and photovoltaic power plants with a combined installed capacity exceeding 4,000 megawatts. The company’s 2024 annual report highlights record economic performance, including an EBITDA of €1.784 billion and a net profit of €795 million, as well as efforts to reduce debt and transition towards greener energy production.
In parallel, Dentons ranks second among Slovakia’s top banking and finance law firms, having advised a lending consortium led by Tatra banka on a €380 million syndicated loan to refinance Eurovea 1 and Eurovea 2 projects, major mixed-use real estate developments reshaping a former industrial zone in Bratislava. This deal is regarded as one of the largest real estate financings ever completed in Slovakia, with banks including Komerční banka, Slovenská sporiteľňa, and Všeobecná úverová banka participating.
The third-placed firm, BBH, supported the Heureka Group, a leading e-commerce company, on financing worth the equivalent of €100 million, led by Komerční banka. This deal exemplifies growing legal advisory roles within tech and digital sectors in Slovakia and the broader region.
Kinstellar, another leading legal advisor, provided counsel to J&T Banka concerning the financial recapitalisation of Tatry Mountain Resorts (TMR), a key player in Eastern European tourism. This facility included both senior and junior loans totaling €290 million and reflects ongoing activity in financing regional leisure and hospitality assets.
The ranking of Slovakia’s top ten law firms in the banking and finance category considers factors such as deal volume, revenue, and lawyer headcount, highlighting the sector’s competitive and active nature. This sustained momentum in loan deals and refinancings reflects a dynamic banking landscape deeply interwoven with local and international finance, real estate, and energy sectors, all crucial pillars of Slovakia’s business environment.
Overall, these developments indicate a robust market for legal advisory in banking and finance, supported by landmark transactions that reinforce Slovakia’s position as an emerging hub in the Central and Eastern European financial ecosystem.
- https://spectator.sme.sk/business/c/banking-and-finance-largest-law-firms-in-slovakia-2025 – Please view link – unable to able to access data
- https://www.aoshearman.com/en/news/ao-shearman-advised-slovenske-elektrarne-on-the-refinancing-of-its-eur3-6-billion-loan-portfolio – A&O Shearman advised Slovenské elektrárne, Slovakia’s largest electricity producer, on refinancing its €3.6 billion loan portfolio. The refinancing aims to reduce existing senior and subordinated liabilities and support general corporate purposes, including working capital. The transaction is considered a significant milestone in the Slovak energy sector, providing Slovenské elektrárne with a solid financial foundation for continued growth and stability in the energy market. The deal was led by partners Renátus Kollár and Matúš Kudlák, with support from Petra Dzubáková and Ján Deset.
- https://www.dentons.com/en/about-dentons/news-events-and-awards/news/2025/october/dentons-advises-club-of-banks-led-by-tatra-banka-on-eur380-million-refinancing-for-eurovea – Dentons advised a consortium of banks led by Tatra banka on a €380 million syndicated loan to refinance existing financing for the Eurovea 1 and Eurovea 2 real estate projects in Bratislava. The financing group included Tatra banka, Komerční banka Slovakia, Slovenská sporiteľňa, and Všeobecná úverová banka. The Eurovea City project, developed by JTRE, is a major mixed-use development transforming a former industrial area into a vibrant urban quarter for residential, retail, entertainment, and administrative purposes.
- https://www.cliffordchance.com/news/news/2025/02/clifford-chance-advises-a-banking-club.html – Clifford Chance advised a banking club led by UniCredit Bank Czech Republic and Slovakia on a €3.6 billion financing for Slovenské elektrárne, Slovakia’s largest electricity producer. This transaction marks the largest corporate debt refinancing in Slovakia’s history and is one of the most significant deals in the Central and Eastern European region. Slovenské elektrárne operates an extensive portfolio of energy assets, including hydroelectric, nuclear, and photovoltaic power plants, with a combined installed capacity of 4,129 MWe.
- https://energynews.oedigital.com/electric-utilities/2025/02/05/elektrarne-receives-36-billion-euro-loan-as-part-of-slovakias-largest-corporate-debt-refinancing – Slovenské elektrárne secured a €3.6 billion loan facility from a consortium of banks, marking the largest corporate debt refinancing in Slovakia. The loan comprises €1.665 billion in an amortizing three-year loan, an equal amount as a bullet five-year term loan, and a €250 million revolving credit facility. The proceeds will be used for refinancing existing debts and general corporate purposes. UniCredit acted as the global coordinator for the transaction.
- https://ceerealestatematters.com/jtre-secured-eur-380-million-financing-for-eurovea-1-and-eurovea-2 – JTRE secured a syndicated loan of up to €380 million to refinance existing financing for the Eurovea 1 and Eurovea 2 real estate projects in Bratislava. The financing banks included Tatra banka, acting as agent and arranger, as well as Komerční banka Slovakia, Slovenská sporiteľňa, and Všeobecná úverová banka. Dentons advised the banks on the deal. The Eurovea City project is a major mixed-use development transforming a former industrial area into a vibrant urban quarter for residential, retail, entertainment, and administrative purposes.
- https://www.seas.sk/wp-content/uploads/a5/b5/Annual-report-2024.pdf – The Annual Report 2024 of Slovenské elektrárne highlights significant achievements, including a change of headquarters after fifteen years and the best economic result to date, with an EBITDA of €1.784 billion and a net profit of €795 million. The report reflects a strategic focus on operating five nuclear units and a reduction in debt to €3.4 billion. The company also emphasizes its commitment to sustainable business practices, such as the shutdown of the coal-fired power plant in Vojany and the completion of new nuclear power units at Mochovce.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative references a February 6, 2025, press release from A&O Shearman regarding their advisory role in refinancing Slovenské elektrárne’s €3.6 billion loan portfolio. ([aoshearman.com](https://www.aoshearman.com/en/news/ao-shearman-advised-slovenske-elektrarne-on-the-refinancing-of-its-eur3-6-billion-loan-portfolio?utm_source=openai)) This aligns with the report’s content, indicating freshness. However, the article was published on November 24, 2025, suggesting a delay of over 7 months, which may affect the relevance of the information. Additionally, the article includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. ([seas.sk](https://www.seas.sk/wp-content/uploads/a5/b5/Annual-report-2024.pdf?utm_source=openai))
Quotes check
Score:
9
Notes:
The report includes direct quotes from Renátus Kollár, a partner at A&O Shearman, and Zora Mistríková, General Counsel at Slovenské elektrárne. These quotes are consistent with those found in the A&O Shearman press release dated February 6, 2025. ([aoshearman.com](https://www.aoshearman.com/en/news/ao-shearman-advised-slovenske-elektrarne-on-the-refinancing-of-its-eur3-6-billion-loan-portfolio?utm_source=openai)) No earlier instances of these exact quotes were found, suggesting originality.
Source reliability
Score:
7
Notes:
The narrative originates from a reputable organisation, A&O Shearman, which is a strength. However, the article was published on November 24, 2025, over 7 months after the press release, raising questions about the timeliness and relevance of the information. Additionally, the article includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged.
Plausability check
Score:
8
Notes:
The claims about A&O Shearman advising on the refinancing of Slovenské elektrárne’s €3.6 billion loan portfolio are plausible and consistent with the press release from February 6, 2025. ([aoshearman.com](https://www.aoshearman.com/en/news/ao-shearman-advised-slovenske-elektrarne-on-the-refinancing-of-its-eur3-6-billion-loan-portfolio?utm_source=openai)) The report also mentions updated data, such as Slovenské elektrárne’s 2024 annual report highlighting record economic performance, including an EBITDA of €1.784 billion and a net profit of €795 million. ([seas.sk](https://www.seas.sk/wp-content/uploads/a5/b5/Annual-report-2024.pdf?utm_source=openai)) However, the article was published over 7 months after the press release, suggesting a delay in reporting. Additionally, the article includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative is based on a press release from A&O Shearman dated February 6, 2025, which is over 7 months old, raising concerns about the timeliness and relevance of the information. While the quotes and claims are consistent with the press release and updated data, the significant delay in reporting and recycling of older material suggest a lack of freshness and originality. Therefore, the overall assessment is a fail with medium confidence.