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Norton Rose Fulbright, Clifford Chance, and Linklaters Advise on Grupa Lotos Refinancing

Norton Rose Fulbright, Clifford Chance, and Linklaters Advise on Grupa Lotos Refinancing

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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).

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