Taylor Wessing advised a consortium of banks and financial institutions in connection with the PLN 1.65 billion financing provided to Jastrzębska Spółka Węglowa under the Sustainability Linked Loan (SLL) formula, i.e., linked to sustainability indicators.
The funds raised are intended to guarantee the company’s continued growth while achieving its climate transformation goals. The financing was provided by eight financial institutions: PKO BP, Bank Pekao, PZU, PZU Życie, ARP, BGK, Alior Bank and TF Silesia. Additional collateral is an insurance guarantee from KUKE.
“SLL is a form of financing in which the margin depends in part on the company’s agreed progress in achieving its ESG goals, which is becoming increasingly important for business. We had the pleasure of legally supporting a consortium of leading Polish banks and financial institutions in the first such financing in the mining sector in Central and Eastern Europe and one of the first in our market in general,” said Zbigniew Korba, Partner and Head of Banking and Finance at Taylor Wessing in Poland.
The transaction was led by Zbigniew Korba, Partner, supported by Antoni Goraj, Counsel, and Paweł Skura, Senior Associate. Advice on regulatory issues, in particular in connection with an insurance guarantee from KUKE, was provided by Łukasz Szymański, Partner, assisted by Magdalena Jaczewska-Żurek PhD, Senior Associate. Consultation on corporate aspects was provided by Andrzej Mikosz, Partner and Mateusz Ochocki, Senior Associate.
The JSW Group is the largest producer of high-quality coking coal and a major producer of coke in the European Union. The company has been listed on the WSE since 2011.