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Norton Rose Fulbright Advises Banks on Financing Granted to Cersanit Group

Norton Rose Fulbright Advises Banks on Financing Granted to Cersanit Group

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Norton Rose Fulbright has advised a consortium of banks consisting of Bank Polska Kasa Opieki S.A., Bank Handlowy w Warszawie S.A., mBank S.A., and ING Bank Slaski S.A. on a complex transaction involving the grant of EUR 160 million and PLN 380 million in financing to Polish, Romanian, and German companies from the Cersanit Group and a PLN 100 million corporate bond issue placed on the Polish market. Bank Polska Kasa Opieki S.A. acted as agent and security agent. White & Case reportedly advised Cersanit on the deal.

According to Norton Rose Fulbright, Cersanit S.A. "is a leader in the European manufacturing sector. Its core business is the production and distribution of goods used in finishing and fitting out bathrooms such as ceramic tiles, sanitary ceramics, bathroom furniture, bathtubs, wall mounting fixing frames and fittings. Cersanit Group operates in Poland and across Europe, the Middle East, Central Asia and North Africa."

The firm reports that the financing was used to repay the existing debt of Cersanit Group and to finance its day-to-day operations. As part of the facility documentation executed with the banks, Cersanit Group companies obtained access to numerous banking products, including overdraft facilities, guarantees and letters of credit, and entered into an interest rate swap. 

The Warsaw-based Norton Rose Fulbright team working under the supervision of Partner Grzegorz Dyczkowski was led by Senior Associate Jacek Smardzewski, supported by Senior Associate Joanna Braciszewska-Szarapa and Associate Daniel Popek.

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Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

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