Tax, Finance and Banking

Penev LLP has one of the leading practices in Tax, Finance, Banking and Capital Markets, providing comprehensive advice on a wide range of financial products and transactions. We understand the importance of capturing investment opportunities and strive to provide comprehensive workable solutions at every stage of their investment. Commercial companies regularly draw upon our team’s expertise to solve financing requirements and to structure and implement a broad range of financial transactions.


Over the years Penev LLP has developed significant tax expertise, which is a valuable asset for clients wishing to ensure effective tax management, efficiency and transparency. We can assist domestic and international clients to structure their organization and way of doing business to minimize taxes and to take advantage of local tax-saving opportunities.

Below is a list of our advisory expertise:

  • Debt-for-equity Swaps;

  • Structured Finance;

  • Financing of Mergers and Acquisitions;

  • Asset Finance;

  • Derivative Products;

  • Tax-exempt Financing;

  • Loans Provided by Foreign and Local Banks (including syndicated loans) to Foreign and Local Borrowers

  • Financial Regulatory Compliance;

  • Insolvency and Restructuring;

  • Working Capital and Fixed Asset Financing and Refinancing;

  • Regulatory Issues.

Some highlights of our Tax and Finance experience include:

  • advice on the financial part of numerous high profile transactions; for more information, please refer to our M&A and Corporate Practice;
  • provision of advice to European Bank for Reconstruction and Development (EBRD) on EUR 12 million loan facilities;
  • representation of Deutsche Bank, ABN Amro, Morgan Stanley, JP Morgan, Societe Generale, Meryl Lynch, Citibank and other investment banks in relation to derivatives and other structure finance instruments, equity participation and financing facilities;
  • legal advice to QuintilesIMS (now IQVIA) on corporate and withholding taxation in Bulgaria;
  • we acted for Veolia, a French transnational company with activities in water management, waste management, transport, and energy services, on the employment, data protection (GDPR) and tax implications of the implementation of Employee Share Options Plans;
  • provision of advice to the US Trade and Development Agency and the US Overseas Private Investment Corporation on financing, securitization, and equity facilities;
  • advice to Houlihan Lokey on regulatory, financial and corporate matters relating to a distressed asset project in Bulgaria - Kremikovtsi AD;
  • provision of advice to the U.S. EXIM Bank on various financing and securitization facilities;
  • advice on the merger between Alpha Bank (Greece) and EFG Eurobank (Greece) in Bulgaria;
  • advice to Societe Generale on various M&A transactions including the acquisition of Expressbank;
  • we advised Howag Kabel AG on European and Bulgarian VAT legislation including available particular VAT regimes;
  • we acted for the French video game company Ubisoft on the employment, data protection and tax implications of the implementation of Employee Share Options Plans in Bulgaria;
  • we act in a pioneer transaction for the Bulgarian capital market, namely assisting a major investor in the acquisition of Governmental Bond Portfolio, including inter alia transaction structuring, preparation of related documentation, legal representation and transaction coordination with third party investment intermediaries;
  • tax advice to Swisspath Consulting AG on acquiring, holding and selling a real estate in accordance with Bulgarian tax law;
  • we advised Bonyf, a Liechtenstein company specializing in the development and production of oral, denture, orthodontic and skincare products, on taxation with VAT, corporate income tax and withholding tax in Bulgaria;
  • provision of advice to European Bank for Reconstruction and Development (EBRD) on EUR 10 million loan facilities;
  • advice to HSBC London on structured finance, corporate and commercial matters;
  • advising IFC on financing facilities and equity participation investments;
  • advising Deutsche Bank AG on structured finance matters, derivatives - “Leveraged OTC deposit linked to the Republic of Bulgaria” Project and the related State Saving Bank’s structured derivative contract;
  • advice to ING on financing, corporate and commercial matters in relation to cross border project;
  • legal advice to Credit Suisse on a loan facility extended to Kremikovtsi AD;
  • regulatory advice to Macquarie Bank on the provision of investment banking, commercial banking, and selected retail financial services in relation to the bank’s investment policy in the Bulgarian market;
  • legal advice to Dorsey & Whitney LLP on the legal aspects of a loan restructuring agreement, collateral assignment agreements, share purchase agreements and amendments of shareholders agreements;
  • tax advice to Bauli SpA on the envisaged corporate establishment in Bulgaria;
  • regulatory advice to Goldman Sacks;
  • we have protected the Dark Fibre IRU rights of Pantel International (formerly Invitel International) for an amount exceeding EUR 1 million in insolvency proceedings initiated against its contractor;
  • representing SAP in a case of bankruptcy of its ex-software distributor “K.I.Technology” Ltd. The claimed receivables before the Bankruptcy Court exceeded EUR 200 000;
  • provision of advice to EBRD on “Senior Secured Loan Facility and the EBRD Preferred Equity Investment” Project in Bulgaria involving a large Bulgarian retailer;
  • advice to Houlihan Lokey on regulatory, financial and corporate matters relating to a distressed asset project in Bulgaria - Kremikovtsi AD;
  • advice to York Investments in developing new structures and financial strategies to approach changing market conditions;
  • provision of advice on transaction documents to a group of financial institutions (The Royal Bank of Scotland, York Capital Management, Mars Capital Management, DellaCamera Capital Master Fund Limited, QVT Fund LP, Trafalgar Asset Management, Polygon Global Opportunities Master Fund, Fidelity Investments International) with regard to EUR 325 million Secured Guaranteed Notes issued by Bulgaria Steel Finance B.V and guaranteed by Kremikovtsi AD;
  • advice to Heitman Real Estate Investment Management in relation to EUR 10 million commercial development project;
  • preparation and registration of loan agreements with the Bulgarian National Bank finance loan agreements for Monicomp, Black Sea Properties, Australis, etc.;
  • provision of advice to ISG Developments LLC regarding real estate and taxation issues relating to the company’s activities in Borovets and Beli Iskar.