Global law firm Clifford Chance advised the lenders in the complex, multijurisdictional refinancing of Elemental Group, where the lenders provided financing, partially backed by KUKE guarantees, amounting to approximately EUR 252 million, and a guarantee line of up to USD 27 million. This financing will be used for the completion of high-priority projects and to strengthen Elemental Group’s position as a global leader in urban mining and as a producer of strategic green metals.
The group of lenders included ING Bank Śląski, Bank Gospodarstwa Krajowego, Bank Handlowy, HSBC Continental Europe Oddział w Polsce, HSBC Continental Europe, and Santander Bank Polska, with ING Bank Śląski acting as agent, security agent, and green loan coordinator.
The multijurisdictional transactional team, involving Clifford Chance offices from Warsaw, UAE, Luxembourg, the Netherlands, and New York, was led by Mateusz Chruściak (Counsel) and supervised by Andrzej Stosio (Partner). Team members from Clifford Chance Warsaw included Aleksandra Białyszewska (Associate), Krzysztof Burda (Associate), Joanna Korycińska (Associate), Oskar Ratajczak (Associate), and Gabriela Kobak (Associate). Regulatory advice relating to the Capital Requirements Regulation and ECA guarantees was provided by Anna Biała (Counsel). Nienke van Stekelenburgh (Partner), Amin Tamaddoni (Counsel), Martine Trip-Meijboom (Senior Associate), Burak Dasdemir (Associate), Arezo Zarbaf (Associate) and Samuel Van Eijnatten (Advocaat-stagiaire) advised on Dutch law. Marc Mehlen (Partner), Pierre Bellec (Associate) and Michelle Smagasz (Trainee Lawyer) advised on Luxembourg law. Daniel Winick (Partner), Andrew Young (Partner), Ishrath Ahmed (Associate) and Chiemaka Chukwu (Associate) advised on New York law. Graham Brewer (Partner), Angad Chaturvedi (Senior Associate) and Tanvi Pahwa (Associate) advised on UAE law.
Kacper Bardan (Counsel), Artur GÅ‚adysz (Senior Associate), and Marta Åšwiderska (Associate) advised the EBRD in this transaction.
Clifford Chance’s advice in this transaction demonstrates our strong capabilities in the region, advising under both Polish and English law, with an extremely strong rapport among Clifford Chance offices implementing the #OneEurope strategy, where various Clifford Chance offices act as one, providing high-quality legal advice to Polish companies across international markets.
