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CMS, DLA Piper, Baker McKenzie, and White & Case Advise on Grupa Azoty’s Financing for Polimery Police in Poland

CMS, DLA Piper, Baker McKenzie, and White & Case Advise on Grupa Azoty’s Financing for Polimery Police in Poland

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CMS has advised Grupa Azoty Polyolefins on financing it received from Grupa Lotos SA and South Korea's Hyundai Engineering and Korea Overseas Infrastructure & Urban Development Corporation for the Police Polimery polypropylene project in Poland, as well as on the implementation of the project. Baker McKenzie advised Grupa Lotos and DLA Piper advised Hyundai and Korea Overseas Infrastructure & Urban Development on the deal.

CMS has also advised Grupa Azoty on debt financing of USD 1 billion it received from a consortium of 11 international and Polish financial institutions including PKO BP SA, Bank Pekao SA, Bank Gospodarstwa Krajowego, Alior Bank SA, PZU SA, Bank Ochrony Srodowiska SA, Santander Bank Polska SA, BNP Paribas Bank Polska SA, the EBRD, mBank SA, and Industrial and Commercial Bank of China Europe SA, Branch in Poland. White & Case advised the banking consortium.

According to CMS, “Grupa Lotos will invest PLN 500 million in the Polimery Police project, including a PLN 300 million contribution in cash in consideration for taking up 17.3% of the shares in Grupa Azoty Polyolefins and PLN 200 million in the form of a subordinated loan. The financial contribution of Hyundai and KIND will amount to a total of USD 130 million (approximately PLN 520 million), of which Hyundai will invest USD 73 million in consideration for taking up 16.63% of the shares in Grupa Azoty Polyolefins and KIND will invest USD 55 million (including USD 5 million in consideration for taking up 1.14% of the shares in Grupa Azoty Polyolefins and USD 52 million in the form of a subordinated loan).”

CMS describes Police Polimery as "the largest investment project in the chemical industry in Central and Eastern Europe. "According to DLA Piper, “Grupa Azoty is one of Poland's biggest chemical companies and Polimery Police, which is Azoty's largest investment project, will comprise propylene and polypropylene production units, a storage and handling terminal, and logistics infrastructure. The project aims to construct a number of installations that will be used for polypropylene production with an annual capacity of 437,000 tons.”

CMS’ team included Partners Rafal Zwierz, Malgorzata Urbanska, Michal Mezykowski, Marcin Bejm, Jakub Wieczorek, Tomasz Minkiewicz, Piotr Ciolkowski, Andrzej Posniak, and Malgorzata Sajkiewicz, Counsel Michal Andruszkiewicz, Senior Associates Olga Czyzycka, Katarzyna Grodziewicz, Magdalena Zmyslowska, Agnieszka Starzynska, Monika Kowara, Mikolaj Markiewicz, Associates Monika Szczotkowska, Michal Sowinski, Krzysztof Sikora, Jan Radziuk, Hubert Wisniewski, Roksana Pietrzak, Wojciech Szopinski, Rafal Dostatni, and Anis Ben Amer, and Lawyers Natalia Szurnicka, Pawel Ura, Piotr Galazka.

DLA Piper’s Warsaw-based team included Partner Jakub Domalik-Plakwicz, Counsels Mateusz Zalenski and Michal Orzechowski, Senior Associates Anna Chrabota-Bajson, Jakub Zienkiewicz, and Miroslaw Calka, Associates Michal Kuratowski, Piotr Sitnik, Mateusz Gajda, Piotr Czulak, and Agnieszka Staszek, and Junior Associates Bartosz Kuziola and Karolina Kordulska, while the firm’s Seoul-based team included Country Managing Partner Daniel Lee, Counsel Ted Yi, Senior Associate DK Kim, and Associate Theresa Huh.

Baker McKenzie's team was led by Warsaw-based Partner Ireneusz Stolarski.

White & Case's team in Warsaw included Partner Tomasz Ostrowski, Local Partners Nicholas Coddington and Michal Zieniewski, Counsel Katarzyna Jakubiak, and Associates Mateusz Zawistowski, Jerzy Oppeln-Bronikowski, and Mariusz Bujacz.

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