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Allen & Overy and Polinvest Advise on Financing for Third Krakow Bypass

Allen & Overy and Polinvest Advise on Financing for Third Krakow Bypass

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Allen & Overy has advised Polski Fundusz Rozwoju S.A. in connection with financing provided to Trasa Lagiewnicka S.A. for the construction of a 3.7 kilometer stretch of the Lagiewnicka Route in Poland known as the Third Krakow Bypass. Polinvest advised Trasa Lagiewnicka on the deal.

The project will be implemented by Trasa Lagiewnicka, an SPV, using the credit facilities from the European Investment Bank and Bank Gospodarstwa Krajowego (Poland’s state development bank) and a subordinated loan from a closed-end investment fund of the Polski Fundusz Rozwoju S.A. Group. The total project costs are estimated at PLN 1 billion. The route will stretch from Grota-Roweckiego Street in Krakow to the intersection of Witosa, Halszki, and Beskidzka Streets and will include a parallel tramway line.

The Allen & Overy team advising Polski Fundusz Rozwoju was led by Partner Tomasz Kawczynski, who commented that: "We are very proud to have procured the financial closing of this transaction with the participation of local-government, government and international institutions. I hope that the Lagiewnicka Route will set a precedent for future infrastructural investments by various sectors of the Polish economy."

Kawczynski was assisted by A&O Counsel Kamil Jankielewicz, Senior Associate Maciej Dymnicki, and Associate Katarzyna Idczak.

Polinvest reports that it "has been providing consulting services for the Trasa Lagiewnicka Project from its conceptual phase, i.e., it has advised the City of Krakow in the process of formulating the Trasa Lagiewnicka S.A. scope of activities and establishing the company." The firm's team is led by lawyer Grzegorz Samitowski, working with financial consultants Wieslaw Samitowski and Tomasz Michalczyk.

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