CMS has advised PGNiG SA on obtaining financing for Norwegian company PGNiG Upstream International AS. The company will receive funding of USD 400 million.
According to PGNiG, financing was obtained from 8 banks and will be used primarily to repay a substantial portion of PGNiG Upstream International AS’s existing debt. In addition, it will enable the Norwegian company to flexibly develop plans for exploration and production activities as well as aid the implementation of the plan to develop two new oil and gas fields.
CMS has been a legal advisor for PGNiG SA for many years and, among other things, has advised on the establishment of a gas exchange. This time CMS’s work included granting security to banks refinancing the Norwegian company’s undertakings and ongoing services for PGNiG SA in the scope of corporate approvals.
The CMS team that advised on the financing of the transaction was composed of Tomasz Zwoliński, of counsel, Jakub Kisielewski, lawyer, Joanna Nycz, lawyer, and Piotr Ciołkowski, of counsel in the Energy Department at CMS.