Press Release

White & Case Advises Play Topco S.A. on PIK Toggle Transaction

Global law firm White & Case LLP has advised Play Topco S.A., the indirect shareholder of Polish mobile telecoms operator P4 Sp. Z o.o., on its €415 million senior PIK toggle notes offering.

P4 Sp. Z o.o., which trades as Play, is a portfolio company co-owned by Olympia Development and London based investment firm, Novator. The proceeds of the transaction have been distributed to shareholders.

"We are pleased to have advised Play Topco S.A. on this important and strategic transaction," said White & Case partner Ian Bagshaw. "As the appetite for good credits in Europe's bond markets remains high the successful completion of this transaction demonstrates that PIK toggle bonds remain a viable option for capital raising."

The cross-border team from White & Case which advised Play Topco S.A. was led by partners Jill Concannon, Rob Mathews and Ian Bagshaw (London) and the wider team included partner Marcin Studniarek, local partner Daniel Kaczorowski (Warsaw), counsel Prabhu Narasimhan (London) and associates Nicole Vella, James Greene, Nicola Sole, Robert Hutton, Nilima Shah, David Nisbet (London), Rafał Kamiński, Marta Osowska and Magdalena Zmyslowska (Warsaw).

This is the second transaction on which the Firm has supported Play and its affiliates this year, having advised on the organisation's inaugural €870 million and PLN130 million dual-tranche high yield bond issue and entry into a new super senior revolving credit facility in February.

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