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CMS advises on bond issue programme and first issue of bonds by InPost

14 July 2021

International law firm CMS has advised Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A and ING Bank Śląski S.A. on a bond issue programme for InPost at a total maximum nominal value of PLN 1 billion, as well as a first issue of bonds. 

On 8 July 2021, as part of the programme, InPost issued the first bonds denominated in PLN at a total nominal value of PLN 500 million with a maturity date in 2027. The first issue took place in the form of a public offer addressed exclusively to qualified investors. The issued values were introduced into trading in the alternative system, Catalyst – run by the Securities Exchange (GPW).

The income from the bond issue will be used, amongst other things, to finance the acquisition of the French company Mondial Relay SAS.

“Obtaining funds from the bond issue for acquisitions and further business development is an attractive alternative to bank financing,” comments CMS partner Sławomir Czerwiński. “The success of this issue confirms InPost’s strong position and investors’ confidence in the group’s further business development plans.” 

CMS provided comprehensive legal advice to the co-organisers and dealers of the bonds issued as part of the programme, Bank Polska Kasa Opieki S.A. and BNP Paribas Bank Polska S.A., as well as ING Bank Śląski S.A., which assumed the role of securities dealer. This included work related to registering the bonds with the National Securities Deposit (KDPW) and introducing the bonds into trading in the alternative trading system, Catalyst. CMS also advised mBank S.A., which performed the function of securities administrator in connection with the establishment of security for the bonds.

The bond issue was advised on by a team from CMS’s Warsaw office, led by partners Sławomir Czerwiński and Rafał Zwierz, with the support of Katarzyna Grodziewicz, who oversaw the day-to-day work on the project. The wider team included Artur Bednarski (Banking & Finance), as well as Natalia Szurnicka and Dominika Pietkun (Corporate/M&A).

Earlier this year, CMS lawyers also advised InPost and private equity fund Advent International, the majority shareholder, on InPost’s debut on the Euronext stock exchange in Amsterdam. This was the first IPO of a Polish company on that stock exchange and one of the largest debuts carried out by a company operating in Poland.