Norton Rose Fulbright has advised a consortium of ten banks on a PLN 5.5 billion loan to Gaz-System, Poland’s designated natural gas transmission system operator.
The consortium of banks consisted of Alior Bank, Bank Gospodarstwa Krajowego, Bank Millennium, Bank of China, Oddzial w Polsce, BNP Paribas Bank Polska, CaixaBank, Oddzial w Polsce, China Construction Bank, Oddzial w Polsce, Credit Agricole Bank Polska S.A., mBank S.A., and Powszechna Kasa Oszczednosci Bank Polski.
Gaz-System is responsible for the transmission of natural gas and management of Poland's most important gas pipelines. It is also involved in the Baltic Pipe, consisting in the construction of a two-way offshore gas pipeline connecting Denmark with Poland and the expansion of local transmission infrastructure. According to Norton Rose Fulbright, "the financing will be used to implement [Gaz-System's] 2020-2025 investment strategy, including as a stable source of funding for projects, including the Baltic Pipe and the expansion of the LNG terminal in Swinoujscie."
Norton Rose Fulbright’s team was led by Counsel Jacek Smardzewski and supervised by Partner Grzegorz Dyczkowski.
Norton Rose Fulbright did not reply to our inquiry on the matter.