Mon, May
46 New Articles

Norton Rose Fulbright and Clifford Chance Advise on Grupa Lotos Refinancing

Norton Rose Fulbright and Clifford Chance Advise on Grupa Lotos Refinancing

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Norton Rose Fulbright has advised Grupa Lotos SA on the USD 500 million refinancing of loan facilities contracted by the company in connection with its "Program 10+" financing. Clifford Chance advised a consortium of domestic and international banks on the deal.

The consortium of banks consisted of Bank Polska Kasa Opieki S.A., Caixabank S.A., Erste Group Bank AG, Industrial and Commercial Bank of China (Europe) S.A. ING Bank Slaski S.A., Intesa Sanpaolo S.p.A, Powszechna Kasa Oszczednosci Bank Polski S.A., and Sumitomo Mitsui Banking Corporation Bank EU AG. Credit Agricole, CIB, and BNP Paribas SA served as agents in the deal.

Under the agreement, the banks granted the Lotos Group a term facility of USD 400 million and a revolving facility of USD 100 million.

According to Clifford Chance, the main purpose of the transaction was to refinance the Lotos Group debt connected with the implementation of the 10+ Program - a comprehensive upgrade investment project - as well as the optimization of the structure and period of repayment of the financial obligations and a release on the security interests established on the assets of the Lotos S.A. Group in connection with the previous facility agreement.

Grupa Lotos, supported by the Polish Government, is the Poland-based parent company of the capital group involved in exploration, production, and processing of crude oil and distribution of petroleum products.

The Norton Rose Fulbright team was led by Partner Grzegorz Dyczkowski and included Senior Associate Marta Kawecka and Associate Igor Kondratowicz.

The Clifford Chance team was led by Partner Andrzej Stosio, supported by Senior Associate Maksymilian Jarzabek and Associate Wojciech Wator. 

Grupa Lotus is in the process of merging with PKN Orlen (as reported by CEE Legal Matters on May 23, 2018 and July 5, 2019).

Poland Knowledge Partner

Penteris is a law firm combining in-depth expertise, robust advice, and a pan-regional reach.

We provide full-service business law advice within five sector lines: Energy & natural resources, Financial institutions, Private equity, Real estate, and Retail.

On the market since 2001, we were originally part of a Scandinavian law firm and then a founding office of a pan-Baltic organisation.

Our attorneys will work closely with you, providing you with the hard skills, service-minded know-how, and legal expertise that will keep you secure while you lead the market.

Our skills are at your disposal:

  • Expertise and passion wrapped up in a personal service
  • Close-knit team providing a multidisciplinary approach
  • Ability to listen, understand, and deliver for the tangible benefit of the client.

The team continues to be internationally recognised year on year, most recently by Chambers Global 2020, Chambers Europe 2020, and The Legal 500 EMEA 2020.

Firm's website: https://penteris.com

Our Latest Issue