White & Case and Linklaters Advise on BGK USD 1 Billion Bond Issuance for Poland's Armed Forces Support Fund

White & Case and Linklaters Advise on BGK USD 1 Billion Bond Issuance for Poland's Armed Forces Support Fund

Poland
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

White & Case has advised Poland's Bank Gospodarstwa Krajowego on its USD 1 billion issuance of five-year 6.25% bonds guaranteed by the State Treasury of the Republic of Poland, with the proceeds earmarked for the Armed Forces Support Fund. Linklaters advised the joint lead managers.

The issuance was organized by a consortium including BNP Paribas, Citigroup, Commerzbank, JP Morgan, and Santander.

According to White & Case, this is BGK's second issuance of bonds targeted at international investors, including US investors under Rule 144A of the US Securities Act, with the proceeds earmarked for its Armed Forces Support Fund. The bonds were issued under the Medium-Term Note Program established by BGK and updated on May 8, 2023, which allows the issuance of bonds targeted at qualified institutional buyers in the US. The Notes are listed on a regulated market operated by the Luxembourg Stock Exchange.

Bank Gospodarstwa Krajowego is a Polish national development bank owned by the state and operating under a dedicated bill of law to facilitate exports, issue governmental guarantees, and support housing.

White & Case and, reportedly, Linklaters also advised on BGK's May 2023 issuance of ten-year bonds, with a total nominal value of USD 1.75 billion, guaranteed by the State Treasury of the Republic of Poland, and with proceeds earmarked for the COVID-19 Response Fund (as reported by CEE Legal Matters on June 1, 2023).

The White & Case team included Warsaw-based Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associate Dawid Ksiazek and lawyers from the firm's London office.

The Linklaters team included lawyers in Warsaw and London.