Clifford Chance and Allen & Overy Advise on Tauron Hybrid Bonds

Clifford Chance and Allen & Overy Advise on Tauron Hybrid Bonds

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Clifford Chance has advised the European Investment Bank on the issue of hybrid bonds by Tauron Polska Energia S.A., with an aggregate nominal value of PLN 750 million. Allen & Overy advised Tauron on the deal.

Tauron executed financing documentation with the EIB, on the basis of which it issued the so-called hybrid bonds.

This is yet another hybrid financing obtained by Tauron with the EIB following an issue with a nominal value of EUR 190 million (as reported by CEE Legal Matters on December 19, 2016).

According to CC, the popularity of hybrid financing — a mid-way solution between typical debt financing and issue of shares on financial markets — has grown over the years.

Clifford Chance's team was led by Warsaw-based Partner Grzegorz Namiotkiewicz and included Senior Associate Pawel Zagorski. The team was supported by Luxmebourg-based Partner Steve Jacoby, Counsel Stefianie Ferring, Senior Associate Eimear O'Dwyer, and Associate Tiziana Olivetti.

The Allen & Overy team consisted of Warsaw-based Partner Piotr Lesinski and Associate Michal Truszczynski.