Norton Rose Fulbright advises 21 financial institutions on PLN 13.5 billion financing for LPP, Poland’s largest-ever for a WSE-listed company

Global law firm Norton Rose Fulbright has advised a consortium of 21 Polish and international financial institutions on a record PLN 13.5 billion financing for LPP, a Polish family-owned fashion group operating five brands across 44 markets worldwide. This is the largest ever financing in Poland granted to a company listed on the Warsaw Stock Exchange.

The financing covered both credit facilities and supply chain finance products.

1. Senior Facilities Agreement (Credit Agreement): Under this agreement, the consortium provided LPP with an investment loan (Capex Facility) of up to EUR 505 million and a revolving credit facility (Revolving Credit Facility) of up to PLN 2.8 billion. The financing is intended primarily for refinancing existing indebtedness, supporting capital expenditures for logistics centers in Europe, and for general corporate and liquidity purposes. 
2. Framework Agreement for Supplier Payment Financing (Supply Chain Finance Agreement): This agreement, setting out a complex structure of a supply chain programme, enables the company’s suppliers to receive discounted payments directly from the banks and factoring institutions, including in advance of contractual due dates. This sophisticated solution provides suppliers with liquidity support while improving LPP’s working capital management, with a limit of up to USD 2.4 billion, expandable as needed.

The successful completion of both agreements demonstrates strong confidence from financial institutions in LPP’s business model, strengthens the company’s long-term financing structure, and supports its strategic expansion plans across Europe. This transaction is among the largest of its kind in the region and marks a significant milestone in corporate financing in Central and Eastern Europe.

The Norton Rose Fulbright team in Warsaw was led by counsels Jacek Smardzewski and Krzysztof Gorzelak and included associates Izabela Kręgiel and Michał Rutkowski, all working under the supervision of partner Grzegorz Dyczkowski, who heads the firm’s Warsaw office and Warsaw banking and finance practice. London-based Norton Rose Fulbright partner Tudor Plapcianu and counsel Peter Weiland also advised on this transaction. 

NRF’s teams combined expertise in syndicated lending and supply chain finance was instrumental in delivering this landmark deal. 

Final Milestone acted as exclusive financial adviser to LPP, while White & Case served as LPP’s legal adviser. 

Jacek Smardzewski and Krzysztof Gorzelak commented:

“We are proud to participate and lead the largest ever financing in Poland for a company listed on the Warsaw Stock Exchange. This financing for LPP is not only a landmark transaction in terms of its volume, but it involved an unprecedented combination of a senior credit facility financing with a comprehensive supply chain finance program. Such a sophisticated structure was tailored to support LPP’s ambitious expansion plans while ensuring long-term financial stability. The transaction demonstrates strong market confidence in LPP’s business model and sets a benchmark for large-scale corporate financing in the CEE region.”

Tudor Plapcianu and Grzegorz Dyczkowski commented:

“This unique transaction was an excellent example of the close and effective collaboration between Norton Rose Fulbright’s Warsaw and London teams. Through daily coordination and mutual support, we were able to manage all Polish and English law matters efficiently and guide the project smoothly to completion. While the Warsaw office has a strong team of dual-qualified lawyers, the particular expertise of Jacek Smardzewski and Krzysztof Gorzelak, qualified in both Polish and English law, was a critical element that made this complex transaction achievable. The combination of the Warsaw team’s deep knowledge of the Polish market with the state-of-the-art global expertise of the London team in the area of supply chain finance was a key pillar in building this unprecedented structure.”

Note to editors:

1. LPP is a Polish family-owned company and one of the fastest-growing players in the apparel industry in Central Europe. For 30 years, it has successfully designed and sold its collections and accessories both in Poland and abroad. LPP manages five fashion brands: Reserved, Cropp, House, Mohito, and Sinsay, whose products are available today through both physical stores and online channels across 44 markets worldwide. The company operates a network of nearly 3,200 stores with a total retail space exceeding 2.6 million m², distributing its products annually across three continents. LPP also plays an important role as an employer, providing jobs for over 54,000 people in its offices and retail structures across Poland, Europe, Asia, and Africa. The company is listed on the Warsaw Stock Exchange as part of the WIG20 index and is also included in the prestigious MSCI Poland index.
2. The consortium of major Polish and international financial institutions involved in this deal included: Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Handlowy w Warszawie S.A., Bank Millennium S.A., Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A., CaixaBank, S.A. (Spółka Akcyjna) Oddział w Polsce, China Construction Bank (Europe) S.A. (Spółka Akcyjna) Oddział w Polsce, Credit Agricole Bank Polska S.A., Erste Group Bank AG, European Bank for Reconstruction and Development, HSBC Continental Europe S.A., Industrial and Commercial Bank of China (Europe) S.A. (Spółka Akcyjna) Oddział w Polsce, ING Bank Śląski S.A., Intesa Sanpaolo S.p.A. Spółka Akcyjna Oddział w Polsce, mBank S.A., Nova Ljubljanska banka d.d., Ljubljana, Powszechna Kasa Oszczędności Bank Polski S.A., Raiffeisen Bank International AG, Santander Bank Polska S.A., UniCredit S.p.A., BNP Paribas, Citibank Europe plc, The Hongkong and Shanghai Banking Corporation Limited, Santander Factoring sp. z o.o., PKO Faktoring S.A., ING Bank N.V., mFaktoring S.A.