Clifford Chance advised Bank Pekao and a consortium of 15 other financial institutions on the EUR 1.75 billion multicurrency renewable loan facility granted to PKN ORLEN. So far, this has been the biggest bank financing arranged for a Polish company in 2020.
Bank Pekao acted as financing coordinator and was also appointed facility agent.
The funds raised will be used for the refinancing of the existing renewable loan, the purpose of which is to finance general corporate needs and development projects. The funds will help the ORLEN Group to finance its key investment activities, including in the area of low- and no-carbon energy sources, modernisation of refinery and petrochemistry and implementation of innovative solutions in retail.
The Clifford Chance team advising on the transaction was composed of Maksymilian Jarząbek (Senior Associate) and Wojciech Wątor (Associate) who led the transaction under the supervision of Andrzej Stosio (Partner) and Jared Grubb (Partner).
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