Global law firm White & Case LLP has advised P4 sp. z o.o. (P4), a company belonging to the French Iliad Group and the operator of Play, a leading telecommunications network in Poland, on two bond issuances with a total nominal value of PLN 1.25 billion.
The transaction comprised two series of bonds offered to qualified investors in Poland: 4.5-year Series D bonds with a total nominal value of PLN 750 million and seven-year green Series E bonds with a total nominal value of PLN 500 million. The bonds were issued under Play’s bond issue programme, which has a total nominal value of up to PLN 3 billion.
The bonds have been registered in the securities depository maintained by the Polish National Depository for Securities and will be introduced to the alternative trading system operated by the Warsaw Stock Exchange.
Erste Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Bank Polska Kasa Opieki S.A. and Trigon Dom Maklerski S.A. acted as dealers on the transaction.
In 2025, White & Case also advised P4 on the establishment of the bond issue programme and the first issuance of Series C bonds under it.
The White & Case team in Warsaw which advised on the transaction included partner Rafał Kamiński, local partner Bartosz Smardzewski and associate Michał Truszczyński.
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