Clifford Chance has advised Wydawnictwa Szkolne i Pedagogiczne S.A. on syndicated refinancing of up to PLN 410 million organized by ING Bank Slaski S.A., Bank BGZ BNP Paribas S.A., Bank Handlowy w Warszawie S.A., Bank Zachodni WBK S.A., and Raiffeisen Polbank S.A. Allen & Overy advised the banks on the transaction, which involved the repayment of their bilateral credit facilities and the redemption of bonds listed in the ATS, as well as ensuring acquisition and revolving financing for the company.
Apart from the process of refinancing itself, Clifford Chance also advised Wydawnictwa Szkolne i Pedagogiczne S.A (WSiP) on interest rate hedging.
WSiP is an educational publishing house established in 1945 in Warsaw as Panstwowe Zaklady Wydawnictw Szkolnych (PZWS). Since 2010, WSiP has been a portfolio company of the Advent International fund, and since 2010, it has been operating in new channels (Internet, mobile) focusing on facilitating learning and teaching in the era of digital education. In April 2016, WSiP acquired the Profi-Lingua Foreign Languages School, one of the biggest networks of language schools in Poland.
The Clifford Chance team was supervised by Partner Andrzej Stosio, and the transaction was led by Senior Associate Mateusz Chrusciak and Associate Pawel Dlugoborski. Counsel Grzegorz Abram provided advice concerning the redemption of bonds.
The Allen & Overy team was led by Partner Piotr Lesinski, supported by Senior Associates Michal Smolny, Renata Zak-Blazejczyk, Konrad Zawistowski, and Mateusz Chodosz.
