Cersanit Group’s Financing

Norton Rose Fulbright has advised a consortium of banks (Bank Polska Kasa Opieki S.A., Bank Handlowy w Warszawie S.A., mBank S.A. and ING Bank ?l?ski S.A.) on a complex transaction involving the grant of EUR 160m and PLN 380m in financing to Polish, Romanian and German companies from Cersanit Group and a PLN 100m corporate bond issue placed on the Polish market.

The firm’s role entailed the drafting of all finance documents for the banks.

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.

Cersanit S.A. is 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.

Norton Rose Fulbright’s team in Warsaw was led by senior associate Jacek Smardzewski with support from senior associate Joanna Braciszewska-Szarapa and associate Daniel Popek.

The team worked under the supervision of Grzegorz Dyczkowski (Picture) who heads the firm’s Warsaw banking and finance practice.

Bank Polska Kasa Opieki S.A. acted as agent and security agent.

Involved fees earner: Grzegorz Dyczkowski – Norton Rose Fulbright; Jacek Smardzewski – Norton Rose Fulbright; Joanna Braciszewska-Szarapa – Norton Rose Fulbright; Daniel Popek – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: ING Bank ?l?ski S.A.; Bank Pekao S.A.; Bank Handlowy w Warszawie S.A.; mBank S.A.;