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White & Case Advises Play Topco on PIK Toggle Transaction



White & Case has advised Play Topco, the indirect shareholder of Polish mobile telecoms operator P4 Sp. Z o.o., on its EUR 415 million senior PIK toggle notes offering.

P4 Sp. Z o.o., which trades as Play, is a portfolio company co-owned by Olympia Development and the London-based investment firm Novator. The proceeds of the transaction have been distributed to shareholders.

"We are pleased to have advised Play Topco S.A. on this important and strategic transaction," said White & Case Partner Ian Bagshaw. "As the appetite for good credits in Europe's bond markets remains high the successful completion of this transaction demonstrates that PIK toggle bonds remain a viable option for capital raising."

The cross-border team from White & Case advising Play Topco was led by Partners Jill Concannon, Rob Mathews, and Ian Bagshaw in London, assisted by Warsaw-based Partner Marcin Studniarek and Local Partner Daniel Kaczorowski, London-based Associates Nicole Vella, James Greene, Nicola Sole, Robert Hutton, and Nilima Shah, and Warsaw-based Associates Rafal Kaminski, Marta Osowska, and Magdalena Zmyslowska.

This is the second transaction on which White & Case has supported Play and its affiliates this year, as it advised on the organization's inaugural EUR 870 million and PLN 130 million dual-tranche high yield bond issue and entry into a new super senior revolving credit facility in February.


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