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NRF Advises Banks on PLN 3 Billion Financing for Cyfrowy Polsat

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Norton Rose Fulbright has advised the global banking coordinators of a consortium of more than 20 financial institutions on the PLN 3 billion (approximately EUR 725 million) facilities made available to Cyfrowy Polsat.

Cyfrowy Polsat is a leading Polish media company providing direct to home subscription satellite television services. The firm advised ING Bank Slaski, Powszechna Kasa Oszczednosci Bank Polski, and Societe Generale Corporate and Investment Banking.

The facilities were used to refinance existing senior bank debt and senior secured notes of the Cyfrowy Polsat group in connection with Cyfrowy Polsat's acquisition of Polkomtel, the operator of the “Plus” mobile network in Poland. The facilities were also used in connection with the redemption of certain PIK (payment in kind) notes in the debt structure of the Metelem Group (the majority shareholder in Polkomtel) following the completion of its takeover in connection with the acquisition of Polkomtel.

The Norton Rose Fulbright London team advising on the financing was led by Finance Partner Michael Ings, who was assisted by Senior Associate Tim Waghorn and Associate Tom Meredith. Warsaw based Partner Grzegorz Dyczkowski, Senior Associate Tomasz Rogalski, and Associates Konrad Leszko and Adrian Kozinski advised on the Polish law aspects of the financing and the comprehensive Polish security package.