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Clifford Chance, Linklaters, and Dentons Advise on Arctic Paper Refinancing

Clifford Chance, Linklaters, and Dentons Advise on Arctic Paper Refinancing

Poland
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Clifford Chance has advised Arctic Paper S.A. and its subsidiaries in Poland and Sweden on the comprehensive refinancing of their indebtedness. The group's existing indebtedness to BZWBK, Pekao SA, and mBank (the "Original Lenders") in Poland was refinanced with the aid of a combination of credit facilities and bonds. The facilities were granted by a consortium consisting of Bank Zachodni WBK S.A., Bank BGZ BNP Paribas S.A., and the EBRD -- all advised by Linklaters, as were the Original Lenders -- while the bond issue was organized by Haitong Bank, which was advised by Dentons.

Arctic Paper is a European manufacturer of high-quality graphic paper with annual revenues of approximately PLN 3 billion. It is listed on the Warsaw Stock Exchange and Stockholm's NASDAQ. 

According to Clifford Chance, "The transaction was highly complicated because the interests of several groups of stakeholders – new finance  banks, bondholders and the main shareholder – had to be reconciled."

The Clifford Chance team (which also advised Arctic Paper in connection with hedging transactions and the complex procedure of repayment of the existing creditors) was overseen by Partner Andrzej Stosio and included, among others, Counsels Grzegorz Abram, Milosz Golab, Rafal Zakrzewski, and Slawomir Czerwinski, Senior Associates Mateusz Chrusciak, Kacper Bardan, and Jaroslaw Gajda, and Associates Pawel Zagorski, Anna Miernik, Pawel Dlugoborski, and Artur Bilski.

Linklaters advised the new lender group and the Original Lenders regarding refinancing related issues. The firm's team consisted of Partner Jarek Miller, Counsel Adrian Horne and Associates Maciej Pietron and Marcin Nowak.

The Dentons team consisted of Partner Robert Dulewicz, Counsel Michal Smieckowskie, Senior Associate Agnieszka Kozikowska, and Associate Maria Kleszczewska.