Norton Rose Fulbright has advised Gaz-System’s senior lenders on the arrangements for Gaz-System’s new PLN 1 billion subordinated loan from the Polish Development Fund. Allen & Overy advised Gaz-System. Clifford Chance advised the European Investment Bank. Linklaters reportedly advised the Polish Development Fund.
According to Norton Rose Fulbright, operator Gazociagow Przesylowych Gaz-System’s senior lenders included Alior Bank, Bank Gospodarstwa Krajowego, Bank Millennium, Bank of China, BNP Paribas Bank Polska, CaixaBank, China Construction Bank, Credit Agricole Bank Polska, mBank, and PKOBank Polski. The firm advised on inter-creditor arrangements and amendments to Gaz-System’s existing finance documentation “on behalf of the senior lenders’ syndicate, with the European Investment Bank as a pari passu senior creditor, the Polish Development Fund as a subordinated creditor, and Gaz-System as a borrower.”
“Funds from the new loan will be used to finance Gaz-System investment projects, including the Baltic Pipe project,” Norton Rose Fulbright reported. “The funding will also be used to finance the construction of a new cross-border gas pipeline which will connect the natural gas transmission systems of Poland and Lithuania and the expansion of the liquefied natural gas terminal in Swinoujscie.”
The Norton Rose Fulbright team included Partner Grzegorz Dyczkowski, Counsel Jacek Smardzewski, and Associate Igor Kondratowicz.
The Allen & Overy team included Partner Piotr Lesinski and Senior Associate Konrad Zawistowski.
The Clifford Chance team included Partner Grzegorz Namiotkiewicz, Counsel Maciej Bochenski, and Associates Aleksandra Bialyszewska and Zuzanna Bartczak.