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.