Global law firm White & Case LLP has advised Bank Gospodarstwa Krajowego (BGK), Poland's development bank, on its US$2.5 billion issuance of two series of US dollar-denominated bonds. The bonds are guaranteed by the State Treasury of the Republic of Poland.
The offering comprised US$1 billion of 7.5-year bonds, carrying a semi-annual coupon of 5.50% per annum, and US$1.5 billion of 12-year bonds, carrying a semi-annual coupon of 5.875% per annum.
The bonds were offered in the United States solely to qualified institutional buyers as defined under Rule 144A of the U.S. Securities Act of 1933, as amended, and outside the United States in offshore transactions pursuant to Regulation S under the Securities Act.
Aggregate demand for the two series reached approximately US$4.2 billion, demonstrating strong investor interest in BGK's credit.
The bonds were issued under BGK's medium-term note (MTN) programme and are listed on the regulated market of the Luxembourg Stock Exchange.
The joint lead managers for the issuance were Citigroup Global Markets Europe AG, Deutsche Bank AG, Goldman Sachs Bank Europe SE, J.P. Morgan SE and Société Générale.
The White & Case team which advised on the transaction included partners Marcin Studniarek (Warsaw), Melissa Butler (London), local partner Bartosz Smardzewski (Warsaw), counsel Doron Loewinger (London) and associates Dawid Książek (Warsaw) and Alec Duncan (London).
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