Global legal practice Norton Rose Fulbright has advised ING Bank Slaski S.A., Powszechna Kasa Oszczednosci Bank Polski S.A. and Société Générale Corporate and Investment Banking as global banking coordinators of a consortium of more than 20 financial institutions on the PLN 3 billion (approximately £580 million) facilities made available to Cyfrowy Polsat S.A., a leading Polish media company providing direct to home subscription satellite television services.

The facilities were used to refinance existing senior bank debt and senior secured notes of the Cyfrowy Polsat group in connection with Cyfrowy Polsat S.A.’s acquisition of Polkomtel, the operator of the “Plus” mobile network in Poland. The facilities were also used in connection with the redemption of certain PIK (payment in kind) notes in the debt structure of the Metelem group (the majority shareholder in Polkomtel) following the completion of its takeover in connection with the acquisition of Polkomtel.

The Norton Rose Fulbright London team advising on this financing was led by experienced finance partner Michael Ings assisted by senior associate Tim Waghorn and associate Tom Meredith. Warsaw based partner Grzegorz Dyczkowski, senior associate Tomasz Rogalski and associates Konrad Leszko and Adrian Kozinski advised on the Polish law aspects of the financing and the comprehensive Polish security package.