The Warsaw office of Clifford Chance has advised Polish oil refiner and petrol retailer PKN Orlen on its PLN 1 billion issue of bonds under the company’s existing domestic bonds program.
According to Clifford Chance, “this was Central Europe’s first ever issuance of corporate bonds linked to an MSCI ESG Rating, with the interest rate based on an independent environmental, social and governance (ESG) rating.” The firm reported that the proceeds will be used to fund the advancement of PKN Orlen's carbon neutrality strategy by 2050.
Clifford Chance’s team included Partner Grzegorz Namiotkiewicz, Senior Associate Aleksandra Rudzinska, and Zuzanna Bartczak.