A team of lawyers from the White & Case Warsaw and London offices worked on this transaction.

Global law firm White & Case LLP has advised Polish mobile telecoms operator P4 Sp. Z o.o., which trades as Play, on its groundbreaking, inaugural €870 million and PLN 130 million, dual-tranche high yield bond issue and entry into a new super senior revolving credit facility. Play is a portfolio company co-owned by Olympia Development and London based investment firm, Novator.

A team of lawyers from the White & Case Warsaw and London offices worked on this transaction.

Marcin Studniarek, the partner leading the Warsaw office team, said: "We were delighted to support our client on the successful completion of a transaction which is notable for a number of reasons. It's the largest debut high yield bond deal since 2010, the largest Central & Eastern Europe high yield deal ever, the second largest European telecoms debut ever and the first ever Polish zloty-denominated high yield bond issued on the international capital markets.
"From a transactional perspective it was truly remarkable as our Warsaw team was able to run a 'dual track' local all-bank alternative to the high yield bond at the same time, preserving full financing flexibility for the client."

Ian Bagshaw, the new co-head of the Firm's EMEA private equity practice, said: "This transaction has been a fabulous opportunity to showcase the Firm's borrower financing capabilities. I'm delighted we've been able to advise long standing client Novator, as well as Olympia and Play, on such a strategic step."
Two teams from White & Case advising Play worked simultaneously in two offices, in Warsaw and in London.

The Warsaw team was led by partner Marcin Studniarek, and consisted of: Tomasz Ostrowski, Nicholas Coddington and Daniel Kaczorowski (local partners), Grzegorz Jukiel (counsel), Rafał Kamiński as well as Aneta Urban (associates).

The White & Case London team which advised Play was co-led by partners Jill Concannon and Ian Bagshaw and included partners Ross Allardice, Jeremy Duffy, Rob Mathews and James Greene (associate), as well as a partner from the Budapest office Rob Irving.

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