White & Case advises LPP on PLN 13.5 billion loan and payables financing

Global law firm White & Case LLP has advised LPP S.A. (LPP) on the approximately PLN 13.5 billion (around €3.2 billion) loan and payables financing provided by a consortium of 21 Polish and international banks.

“The White & Case team advised on the largest transactions of its kind in recent years in Central & Eastern Europe,” said White & Case partner Grzegorz Abram.

The transaction comprises a senior facilities agreement consisting of a revolving facility up to PLN 2.8 billion, intended for the refinancing of LPP’s existing financial indebtedness and for ongoing operations and a capex facility of up to €505 million, intended for the refinancing of LPP’s existing financial indebtedness and to support the development of logistics infrastructure.

White & Case also advised LPP on the establishment of an innovative payables financing programme of up to US$2.4 billion which included, among other things, the execution of a framework agreement with the banks and/or their respective affiliates, as well as bilateral agreements with the financial institutions whose platforms are used for the programme. It will enable LPP’s suppliers to request receivables discounting on invoices that have been approved by LPP.

LPP is a Polish family-owned company and one of the fastest-growing apparel businesses in Central & Eastern Europe, managing five fashion brands and offering its collections in stores and online across 44 markets worldwide.

The White & Case team that advised on the transaction included partners Grzegorz Abram (Warsaw), Jonathan Weinberg (Prague) and James Hardy (London), counsel Catherine West (London) and associates Magdalena Bachleda-Księdzularz, Marlena Skowrońska, Maria Hałasa (all Warsaw), Mark Oslizlok, Minna Horwitz and Caglar Senol (all London).

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