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Norton Rose Fulbright, Clifford Chance, and White & Case Advise on EUR 500 Million Financing to Synthos Group

Norton Rose Fulbright, Clifford Chance, and White & Case Advise on EUR 500 Million Financing to Synthos Group

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Norton Rose Fulbright has advised the financial institutions involved on the EUR 500 million revolving facilities made available to companies from the Synthos Group incorporated in Poland and the Czech Republic. White & Case and Clifford Chance advised Synthos on the deal, with McDermott Will & Emery advising the security agent, Citibank Europe.

The syndicate of the RCF Lenders included Powszechna Kasa Oszczednosci Bank Polski S.A., Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A., Santander Bank Polska S.A., and ING Bank Slaski S.A. as original lenders.

Synthos is a Polish chemical company operating in the synthetic rubbers, styrene plastics and dispersion, adhesives, and latex industry. The company is also the producer of plant protection products.

According to NRF, the transaction was a part of the restructuring of the indebtedness of Synthos Group, whereby (1) Synthos S.A. issued EUR 600 million seven-year high yield bonds on the international markets; (2) the revolving credit facility lenders granted to Synthos Group the revolving facilities in the amount of EUR 500 million; (3) the RCF lenders and the bondholders entered into an intercreditor agreement governed by English laws, made with, among others, Citibank Europe plc, as the security agent; (4) and companies from Synthos Group incorporated under Polish and Czech law established common security interests for the benefit of the security agent. According to the firm, “the loan facilities will be used to finance general corporate and working capital purposes of the Synthos Group.”

NRF’s team in Warsaw included Partner Grzegorz Dyczkowski, Counsels Jacek Smardzewski and Marta Kawecka, and Associate Karolina Majcher.

White & Case's team in Warsaw included Local Partner Andrzej Sutkowski, Partner Grzegorz Abram, Counsels, Bartosz Smardzewski and Grzegorz Jukiel, and Associates Monika Duzynska, Michal Truszczynski, and Marlena Skowronska with the aid from a London team which included Partner Jill Christie and Associate Nico Nalbantian.

Clifford Chance's team included Partners Andrew Kelly and Andrzej Stosio and Senior Associates Carolyn Tan, Patrick Meson, Arielle Littles, Aleksandra Rudzinska, and Zuzanna Bartczak.

 

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