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White & Case Advises Lenders on PLN 5 Billion Financing of Polimery Police Project

Global law firm White & Case LLP has advised a syndicate of Polish and international financial institutions on the closing of the more than PLN 5 billion financing of the Polimery Police project.

The Polimery Police investment is the largest investment project in the history of Grupa Azoty Polyolefins S.A. (Grupa Azoty) and one of the largest investments in the chemical sector in Poland in recent years. Commercial operation is scheduled to begin during the fourth quarter of 2022.

Grupa Azoty received confirmation on February 25, 2021 from Bank Pekao S.A., the bank coordinating the project financing transaction, that the conditions precedent stipulated in the facilities agreement had been fulfilled.

The facilities agreement was executed between Grupa Azoty and a consortium of financial institutions consisting of Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska S.A., Bank Polska Kasa Opieki S.A. (the bank coordinating the project financing transaction), BNP Paribas Bank Polska S.A., the European Bank for Reconstruction and Development, Industrial and Commercial Bank of China (Europe) S.A. Poland Branch, mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych BIS 2, Santander Bank Polska S.A. and ICBC Standard Bank PLC (as hedge counterparty).

The facilities agreement granted a €487.8 million long term loan, US$537.7 million term loan, PLN 150 million working capital VAT facility and a US$180 million working capital loan facility.

The White & Case team in Warsaw which advised on the transaction included partner Grzegorz Abram and associates Paweł Zagórski, Aleksandra Cyniak, Roksana Kałużna-Balazy, and Marlena Skowrońska. Former White & Case partner Tomasz Ostrowski and a number of other former White & Case lawyers also advised on the deal.

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