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Norton Rose Fulbright and Clifford Chance Advise on PLN 1.5 Billion Sustainability-linked Financing for Cargounit

Norton Rose Fulbright and Clifford Chance Advise on PLN 1.5 Billion Sustainability-linked Financing for Cargounit

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Norton Rose Fulbright has advised a consortium of lenders on a PLN 1.5 billion (EUR 338 million) sustainability-linked financing for Cargounit. Clifford Chance advised Cargounit.

The banking consortium included Powszechna Kasa Oszczednosci Bank Polski, ING Bank Slaski, Siemens Bank, Bank Polska Kasa Opieki, ABN AMRO, Societe Generale, Erste Group Bank, La Banque Postale, and Bank Ochrony Srodowiska. Bank Polska Kasa Opieki was the facility agent and security agent. Additionally, according to Norton Rose, the financing will be granted by DWS as an institutional investor.

Cargounit, headquartered in Poland, operates in the locomotive leasing market in Central and Eastern Europe. Its locomotives are mainly used by freight operators from the petrochemical and chemical industries, intermodal transport, and transport of aggregates and steel products.

Norton Rose reports that “the new financing agreement consists of senior term facility for refinancing of existing debt, revolving facility, capex facility, and a PP loan to finance the company’s locomotive acquisitions until 2026, including deliveries of Vectron MS locomotives from Siemens Mobility and Gama Marathon locomotives from Pesa Bydgoszcz. The financing from the sustainability-linked loan will secure funds necessary to purchase approximately 70 environmentally friendly locomotives.”

The Norton Rose team included Warsaw-based Partner Grzegorz Dyczkowski, Counsels Joanna Braciszewska-Szarapa, Marta Kawecka, and Krzysztof Gorzelak, Senior Associate Igor Kondratowicz, and Associate Patryk Gelar as well as London-based Partner James Dunnett.

The Clifford Chance team included Partners Irena Floras-Goode and Andrzej Stosio, Counsel Mateusz Chrusciak Senior Associate Wojciech Wator, Associate Piotr Weclawowicz, and Junior Associates Krzysztof Burda and Mateusz Leleno.

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