White & Case advises ORLEN on US$1.25 billion bond issuance – its first bonds dedicated to US market

Global law firm White & Case LLP has advised ORLEN S.A., one of the largest multi-energy corporations in Central and Eastern Europe, on the issuance of ten-year unsecured bonds with a nominal value of US$1.25 billion and a 6% annual coupon. 

This marks ORLEN's inaugural bond issuance targeted at US investors based on the registration exemption pursuant to Rule 144A under the US Securities Act. The bonds were issued under the global medium-term note (GMTN) programme established by ORLEN and updated in January 2025 and are listed on the regulated market operated by Euronext Dublin. 

White & Case also advised on the update of the programme.

The proceeds from the issuance of the bonds will be used to finance ORLEN's ongoing operations.

The consortium that organized the issuance included Citigroup Global Markets Europe AG, J.P. Morgan SE, Banco Santander, S.A., Goldman Sachs Bank Europe SE and SMBC Bank EU AG.

The White & Case team that advised on the transaction included partners Marcin Studniarek (Warsaw) and Melissa Butler (London), local partner Bartosz Smardzewski (Warsaw), counsel Doron Loewinger (London) and associates Dawid Książek, Michał Truszczyński, Klaudia Pacocha (all Warsaw) and Amulang Povaeva (London).

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