Cyfrowy Polsat Group Zl12.5 billion refinancing

Overview:

• Cyfrowy Polsat Group—a Polish supplier of integrated multimedia services—has undergone a Zl12.5 billion ($3 billion) refinancing of its debt—term loans of up to Zl11.5 billion and a revolving facility of up to Zl1 billion.
• The refinancing of Cyfrowy Polsat’s debts is one of the largest financial transactions in recent years and was closed in very short period of time. It is the biggest ever Polish Zloty denominated financing.
• The deal had an innovative structure where initially there were two separate financing silos, Polkomtel had a new credit facility and legacy high yield notes and Cyfrowy Polsat had a new credit facility, with separate collateral packages, yet based on the same group-wide cashflow. After the redemption of the high yield notes the whole structure was automatically collapsed by means of cashless rollovers into a single credit facility. 
• The global coordinators and senior mandated lead arrangers were Bank Zachodni, Société Générale, Powszechna Kasa Oszczędności Bank Polski and ING Bank Śląski. 

Adam Majeed - Regional editor