Linklaters has advised BNP Paribas Bank Polska on granting a EUR 21.5 million sustainability-linked loan to Velvet Care. Brzozowska & Barwinska advised the borrower.
Founded in 2013, Velvet Care is a Polish company producing hygiene products such as kitchen towels, handkerchiefs, tissues, cosmetic buds, and pads. The Velvet Care products are available in more than 30 countries in Central Europe, Scandinavia, Western Europe, the Balkans, Russia, and CIS.
According to Linklaters, a "sustainability-linked loan is a form of financing that includes additional commitments of the borrower towards ESG targets. In this financing, the lenders, together with Velvet Care, have developed four ESG goals focused on reduction of water consumption, decrease of packaging weight, certification of raw materials, and work safety."
The Linklaters team was led by Senior Associate Maciej Checinski and included Counsel Adrian Horne, Senior Associate Piotr Hurkala, and Junior Associate Marcin Woloszyn.
The BB Law team was led by Partner Beata Barwinska-Piotrowska and included Senior Associate Karolina Ploska.