White & Case advises BGK on US$1 billion bonds issuance

Press Release
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Global law firm White & Case LLP has advised Bank Gospodarstwa Krajowego (BGK) on the issuance of five-year bonds guaranteed by the State Treasury of the Republic of Poland with a nominal value of US$1 billion and a coupon of 6.250%.

It is BGK's second issuance of bonds targeted at international investors, including US investors under Rule 144A of the US Securities Act, with the proceeds earmarked for its Armed Forces Support Fund. The consortium that organised the issuance included BNP Paribas, Citigroup, Commerzbank, J.P. Morgan and Santander.

The bonds were issued under the Medium-Term Note (MTN) Program established by BGK and updated on May 8, 2023, which allows the issuance of bonds targeted at qualified institutional buyers in the US. The Notes are listed on a regulated market operated by the Luxembourg Stock Exchange.

White & Case also advised on BGK's bonds issuance targeted at international investors in May 2023.

The White & Case team that advised on the transaction included partners Marcin Studniarek (Warsaw), Melissa Butler and Stuart Matty (both London), local partner Bartosz Smardzewski (Warsaw) and associates Dawid Książek (Warsaw) and Amulang Povaeva (London).

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