Baker McKenzie law firm advised PKN ORLEN in respect of a revolving facility agreement under English law with a consortium of 16 banks. Rafał Zakrzewski, partner in the Baker McKenzie Banking & Finance Group, Solicitor (England & Wales), was the main legal advisor to the borrower.

Rafał Zakrzewski says: "It is particularly satisfying to get a good deal for the borrower on such an important financing transaction despite the ongoing COVID-19 situation".

The signed agreement includes a revolving loan facility in an amount of up to EUR 1.75 billion for a period of 3 years with the possibility of extending it for another 2 years in a 1 + 1 formula. It is a multi-currency instrument that will be used to finance ORLEN Group's current operations and development projects, including the development of low and zero-emission generation sources, modernization of refineries and petrochemicals, as well as implementation of innovative solutions in the retail area.

Rafał Zakrzewski was supported by the team of lawyers from Baker McKenzie Banking & Finance Group in Warsaw, including Paweł Ostrowski, Marcin Krzemień and Jan Szczurek. In tax matters related to the financing, the borrower was advised by Piotr Wysocki, partner in the Firm's Tax Practice Group in Warsaw, supported by Piotr Maksymiuk.

Banks were advised by lawyers from Clifford Chance law firm: Andrzej Stosio, partner, and Maksymilian Jarząbek, supported also by Wojciech Wątor.

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