Paweł Zagórski

Local Partner, Warsaw



Paweł Zagórski is an advocate in the Debt Finance practice in White & Case's Warsaw office. Paweł specialises in banking and capital markets law (with a special emphasis on the issues of debt securities), financial restructuring and insolvency proceedings.

His experience includes advising arrangers, issuers and bondholders on the establishment of issuance programmes and performance of the issuance of debt securities, advising borrowers and lenders in connection with the financing transactions as well as advising creditors and debtors in debt restructuring projects.

Bars and Courts
Advocate, Warsaw Bar Association of Advocates
University of Florida Levin College of Law

and Warsaw University, Center for American Law Studies

Master's Degree
Cardinal Stefan Wyszyński University, Faculty of Law and Administration


  • European Investment Bank (EBI) on the debut hybrid unsecured subordinated registered bonds in the amount of EUR 190 million issued by Tauron Polska Energia S.A. This is the first issue of hybrid bonds of this type by a Polish entity;
  • PKN Orlen S.A., on an PLN 1 billion issue of domestic ESG-linked bonds introduced into the alternative trading system Catalyst; This is the first issue of ESG-linked bonds in Poland;
  • mBank S.A. and ING Bank Śląski S.A. on a PLN 500 million secured bond issue programme of Prime Car Management S.A.;
  • Banking consortium consisting of Bank Pekao, PKO Bank Polski, Santander Bank Polska and BNP Paribas Bank Polska on establishing a bond issue program of LPP S.A. of up to PLN 300 million, as well as on the issue under that program (including the registration with the Central Securities Depository of Poland and introduction to the Alternative Trading System of the Warsaw Stock Exchange);
  • Arctic Paper S.A. (a leading European paper producer listed on the WSE) on its refinancing by a combination of senior loan facilities in the amounts of up to PLN 31,5 million and EUR 52,4 million provided by Bank Zachodni WBK S.A., Bank BGŻ BNP Paribas S.A. and EBRD and bonds in the amount of PLN 100 million issued under the bonds issue programme arranged for by Haitong Bank S.A. Oddział w Polsce;
  • P.P. “Porty Lotnicze”, in connection with an agreement with Bank Pekao S.A. regarding an up to PLN 600 million bond issue to finance an investment programme for the Chopin airport with the value of PLN 822 million, including the financing of a new terminal, hotel and, over a longer time horizon, the Airport City investment;
  • Financial institutions (PKO BP S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., and PZU FIZAN BIS 1) acting as arrangers and guarantors under the bond issuance programme of Jastrzębska Spółka Węglowa S.A. (JSW) in a transaction involving a standstill and security arrangement as well as continued negotiations of the terms of restructuring of the bonds issued;
  • Katowicki Holding Węglowy S.A. (KHW) in its restructurings resulting with the incorporation of the largest coal company in the European Union in the process of the merger of Polska Grupa Górnicza (PGG) and KHW, including the refinancing of KHW's debt from bonds;
  • European Investment Bank (EIB) and European Investment Fund (EIF) on securitisation of receivables (excluded residual values) under passenger car, truck and equipment leases to Polish commercial customers originated by Europejski Fundusz Leasingowy S.A., which is owned by Credit Agricole S.A.;
  • Cerrad on the structuring and conduct of the tender offer and financing for the tender offer for shares in Ceramika Nowa Gala in the form of a credit facility and guarantee for up to a total of PLN 72 million granted by Bank Pekao;