Roksana Kałużna-Bałazy

Associate, Warsaw



Roksana Kałużna-Bałazy is an advocate in the Debt Finance practice. She focuses on all aspects of debt finance, including loans and bonds, as well as banking regulatory issues. She specializes in sustainable finance and ESG regulation. Roksana has been involved in pioneering sustainable finance transactions on the Polish market, including green bond issuances as well as issuances of bonds linked with sustainable growth.

Her experience includes advising arrangers and issuers on the establishment and management of bonds and mortgage bonds issuance programs as well as advising borrowers and lenders in connection with financing transactions.

Prior to joining White & Case, Roksana gained experience in the Warsaw office of a leading international Magic Circle law firm.

She is a lecturer on sustainable finance at the Inter-University Climate Academy co-organized by the Warsaw School of Economics, Akademia Górniczo-Hutnicza and the University of Warsaw, a graduate of the Sustainable Finance Postgraduate Program at the University of Warsaw, and an author of publications on sustainable finance regulation. In addition, she is a member of the Working Group on Green Bonds at the Ministry of Finance.

Roksana was among the 5 winners who received special prizes in the 12th edition of the "Rising Stars Lawyers – Leaders of Tomorrow 2023" competition organized by Wolters Kluwer Polska.

Bars and Courts
Poland, Polish Bar Council
Master's Degree
Jagiellonian University in Cracow

Faculty of Law and Administration



Jastrzębska Spółka Węglowa S.A.: representation of Jastrzębska Spółka Węglowa S.A., the largest producer of hard coking coal in the EU and one of the leading producers of coke used for smelting steel, on an innovative financing under the Sustainability Linked Loan (SSL) formula with the value of PLN 1.65 billion. The financing was provided by a consortium of banks and other financial institutions. It is the first financing in the mining sector in Poland to use the SLL formula and one of the first in this sector in Central & Eastern Europe.

Fasanara Capital: representation of Fasanara Capital, a hedge fund, in connection with a securitization of the Polish receivables of Finiata sp. z o.o., the originator, a company from the Kulczyk capital group, in the context of which two tranches of notes governed by Luxembourg law will be issued: (a) a senior tranche subscribed by Fasanara, as the investor; and (b) a junior tranche, subscribed by the originator. The receivables are uncommitted revolving credit lines offered by the originator to its Polish clients seeking funding for their invoices.

Bank Pekao S.A.: representation of Bank Pekao S.A., as the arranger, in connection with an update of a bonds issue program of Przedsiębiorstwo Państwowe „Porty Lotnicze" up to PLN 600 million. Proceeds from the bonds are used to finance issuer's construction projects.

BOŚ S.A.: representation of Bank Ochrony Środowiska S.A. in connection with the establishment of a debt securities issuance program of up to PLN 1 billion, under which BOŚ S.A. may issue Tier II bonds included in the bank's equity or senior non-preferred and senior preferred bonds, as well as bank securities included in the bank's eligible liabilities, which will be used by the bank to meet the requirement for a minimum level of own funds and eligible liabilities referred to in Article 97 (1) of the BGF Act (MREL). Model issue documentation provides for the issuance of debt securities.

PKO BP S.A.: representation of PKO BP S.A. in connection with the preparation of issuance documentation for unsecured and subordinated Tier II bonds with an aggregate value of not less than PLN 1.7 billion and not more than PLN 2 billion governed by Polish law, which will be included in the equity of PKO BP S.A. upon approval by the Financial Supervision Commission.

One of the largest banks in Poland: representation of one of the largest banks in Poland in connection with the issuance of unsecured senior non-preferred green bonds governed by Polish law. The bonds will be used by the bank to comply with the minimum level of own funds and eligible liabilities requirement under Article 97 (1) of the BFG Act (MREL). This is the first issue in the Polish market of this type of bonds governed exclusively by Polish law, and the first issue of green senior unsecured bonds governed by Polish law.

mBank S.A.: representation of mBank S.A. in connection with the update of the bonds issue program of Okam Capital up to PLN 100 million.

Millennium Bank S.A.: representation of Millenium Bank S.A. in connection with a revolving credit facility and auxiliary financing of up to PLN 200 million to Pfleiderer Polska Group, one of the largest companies operating in the wood-based materials sector in Poland and Germany, to finance the Group's day-to-day operations. At a later stage of the transaction, White & Case also advised Bank Polska Kasa Opieki S.A. and Santander Bank Polska S.A. in connection with their joining the loan and Bank Polska Kasa Opieki S.A. with its taking over the role of loan agent and collateral agent.

Norddeutsche Landesbank and EKF: representation of Norddeutsche Landesbank and EKF Denmark's Export Agency in connection with the Polish law aspects of granting a loan to Janikowo GP GmbH sp. k. for financing construction of the wind farm “Park Wiatrowy Janikowo” near Inowrocław, Poland, comprising 30 turbines with a total capacity of 60 MW.

Financial institutions: representation of a consortium of financial institutions in connection with facilities agreement for the more than PLN 5.5 billion financing of the Polimery Police project. The Polimery Police investment, which is the largest investment project in the history of Grupa Azoty and one of the largest investments in the chemical sector in Poland in recent years, consisting of a propane dehydrogenation installation (PDH installation), a polypropylene production installation (PP installation) and an auxiliary installation (project finance formula).

mBank S.A.: representation of mBank S.A. in connection with the issue of bonds of Develia S.A. under the bond issuance program up to PLN 400 million.

mBank S.A.: representation of mBank S.A., acting as the arranger, in connection with the update of the bonds issue program of Dino Polska S.A. up to PLN 1 billion and an issuance of bonds under the updated program. The bonds will be offered to qualified investors and were introduced to trading on the alternative trading system organized by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.).

mBank S.A.: representation mBank S.A. in connection with the establishment of an EUR 3 billion medium-term bond issue program to be marketed in Europe. The documentation included, among others, the MREL requirement and the latest solutions concerning the bail-in procedure.

PKN Orlen S.A.: representation of PKN Orlen S.A., a Polish oil refiner and petrol retailer, on the issuance of ESG-linked bonds, with a value of PLN 1 billion. This was Central Europe's first-ever issuance of corporate bonds linked to an MSCI ESG Rating, with the interest rate based on an independent environmental, social and governance (ESG) rating. The proceeds will be applied to fund some of the capital projects undertaken to advance the company's 2050 carbon neutrality strategy.

Pekao Faktoring sp. z o.o.: representation of Pekao Faktoring sp. z o.o. in connection with the establishment of a bond issue program of up to PLN 5 billion.*

Pekao Bank Hipoteczny S.A.: representation of Pekao Bank Hipoteczny S.A. in connection with the establishment of a program to issue mortgage-backed securities on the Polish market up to PLN 2 billion.*