Norton Rose Fulbright advises Grupa LOTOS S.A. on refinancing loan facilities

Global law firm Norton Rose Fulbright has advised Grupa LOTOS S.A. on the refinancing of the loan facilities contracted by the company in connection with the Program 10+ financing. Program 10+ initiated in 2010 is the enterprise and organizational investment in the oil industry and Grupa LOTOS S.A. supported by the Polish Government.

Grupa LOTOS S.A. is the Poland-based parent company of the capital group involved in exploration, production and processing of crude oil and distribution of petroleum products.

The financing was made available by a consortium of eight banks comprising ING Bank Śląski S.A., PEKAO S.A., PKO BP S.A., Sumitomo Mitsui Banking Corporation Bank EU AG, Intesa Sanpaolo S.p.A, Caixabank S.A., Industrial and Commercial Bank of China (Europe) S.A., and Erste Group Bank AG.

The Norton Rose Fulbright team negotiated the initial terms and conditions of financing, prepared and negotiated finance documents and supported Grupa LOTOS S.A. in preparing the documents required for disbursement of the loan facilities.

The new financing totalled US $500 million, comprising a US $400 million term loan facility and a US $100 million working capital loan.

Norton Rose Fulbright’s Warsaw-based team was led by banking partner Grzegorz Dyczkowski. The transaction also included senior associate Marta Kawecka and associate Igor Kondratowicz.