IFLR 1000
The Guide to the World's Leading Financial Law Firms

PRK Partners is the big local name in this practice area. "They are the main players in the local bond market," says one peer. Clients agree, with one noting that in Martin Aschenbrenner the firm possesses the "local star for capital markets work".

PRK gains kudos because of its involvement in the last notable equity offering in the country – New World Resources' €1.4 billion equity offering in May 2008. The deal was just before the commodity price crash, so the timing was perfect.

One of PRK's niches is the local bond market. In 2009 the firm advised CSOB on a €20 million 20-year debt issuance for Wüstenrot hypotecni banka. The firm also advised CSOB on the first floating-rate mortgage bonds issued under the programme. In 2008, PRK also represented Komercní banka on changing the terms and conditions of a number of bonds in its debt issuance programme.

PRK Partners is the standout local firm in banking and finance matters, say clients and peers. "There is no doubt that they can be ranked up there," declares one Czech lawyer. A client remarks that while the firm is great on local deals, it is also "good on international cross-border deals," while a banking client adds: "What separates them is their expertise and professionalism."

Historically the firm has been strong in this sector – a tradition that is maintained by some able partners in the practice area. Martin Aschenbrenner is well known for his capital markets work, but is an asset in banking and finance too, while Robert Nemec is another respected name.

PRK provided Czech law assistance to GE on a €88.5 million loan to finance the acquisition of Aerocan France by Barclays Private Equity France. The deal was completed in November.

The firm also represented Komercní banka in a Kc1.1 billion (€43.2 million) secured loan to finance the purchase of TES and in a Kc2.5 billion long-term syndicated loan.

On the borrower side, the firm represented OKD Doprava, which is fully owned by New World Resources Transportation, in its negotiation of €75 million and Kc180 million syndicated acquisition and working capital secured loan facilities.

PRK Partners is better known in banking and finance circles, but peers acknowledge it is a strong force in mid-market M&A deals.

Advice given to energy trader Korlea Invest Holding on the acquisition of a Polish energy trader demonstrates the firm's cross-border capabilities. On a local level it has been advising ISS Facility Services for over two years on the latter's acquisition of a number of facilities in the region.

PRK Partners' strong banking practice should see it pick up local R&I instructions, but the firm is also well placed to gain work from international firms lacking a presence in Prague.

One such deal saw it advise Slaughter and May on the Czech law elements in a restructuring of a European consumer business's debts. The firm also counts magic-circle firm Freshfields Bruckhaus Deringer as a client.

However, the firm picks up plenty of work on its own merit from both banks and borrowers. Irish firm Total Produce has mandated PRK to advise on the restructuring of its Czech operations. And I-Box instructed the firm to negotiate with creditors in preparation for the company's liquidation.

PRK represented the Austrian bank Kommunalkredit Austria on its recovery claims as part of a bankruptcy proceeding, to the tune of Kc100 million (€4 million).