Norton Rose Fulbright advises consortium on PLN 3.7 billion refinancing of Światłowód Inwestycje
Global | Press release - Business | July 2025
Global law firm Norton Rose Fulbright advised a consortium of financial institutions on the PLN 3.7 billion (€880 million) refinancing of Światłowód Inwestycje, Poland’s largest wholesale-only fibre-optic network operator.
Established in 2021, Światłowód Inwestycje is a 50/50 joint venture between Orange Polska and APG Asset Management, a leading pension asset manager with extensive experience in telecommunications infrastructure investment.
The financing package comprises a PLN 2.09 billion term loan, PLN 560 million capex facility, PLN 800 million facility from the EIB (including both term loan and capex components), and a PLN 250 million revolving credit facility. An uncommitted incremental facility of up to PLN 750 million is also available to support further growth. The facilities provided by the commercial lenders and EBRD include ESG provisions in accordance with the Green Loan Principles and Sustainability-Linked Loan Principles developed by the Loan Market Association. The EIB loan is in line with the EU financing arm’s top environmental and social standards driving sustainable and inclusive development.
The new financing package refinances the company’s existing debt and provides funding for the next phase of its long-term fibre-optic rollout strategy. Following this investment, an additional 700,000 Polish households will gain access to high-speed internet - bringing the total network coverage target to 3.1 million households by the end of 2032.
The financing consortium includes:
- Bookrunners and Mandated Lead Arrangers: Bank Pekao, BNP Paribas Bank Polska, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), ING Bank Śląski, PKO Bank Polski, Societe Generale, TFI PZU and UniCredit
- Mandated Lead Arrangers: Bank Gospodarstwa Krajowego and Santander Bank Polska
- Lead Arrangers: mBank and Raiffeisen Bank International.
The cross-border Norton Rose Fulbright team was led from Warsaw by counsel Marta Kawecka and included associates Karolina Majcher and Izabela Kręgiel as well as lawyer Dominika Wojtkowska. The due diligence team was led by partner Agnieszka Braciszewska and included counsels Artur Jończyk and Wojciech Janik. The entire team worked under the supervision of partner Grzegorz Dyczkowski, who heads the firm’s Warsaw office and Warsaw banking and finance practice. London-based partner James Dunnett and associate Mike Gledhill advised in relation to English law and with partners Alexandre Roth and Marc Robert advising on French legal matters.
Norton Rose Fulbright also advised a consortium of lenders on the original structuring and PLN 3.15 billion (EUR 690 million) financing of senior secured facilities for the newly formed Światłowód Inwestycje in 2021.
Marta Kawecka commented:
“We are delighted to have supported the lenders both in the original financing of Światłowód Inwestycje and in this major refinancing. These transactions are pivotal for the continued development of Poland’s fibre-optic infrastructure and for expanding digital access across the country. Our long-term involvement in this project is a testament reflects our strong focus on complex cross-border financing transactions in the telecoms and infrastructure sectors.”