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» Financing for the INEA Group re: development of the Wielkopolskie Region Broadband Network
Dentons has advised INEA and a group of its affiliates on procuring financing for the development of internet infrastructure. INEA is Poland’s fourth largest multimedia operator and the largest regional operator in the Wielkopolskie Region. The growth of the group is of strategic importance for the development of the internet network in this region.
The financing will be provided by five banks: Alior, DNB, mBanku, PKO BP and Raiffeisen. The transaction was closed at the beginning of August.
To render legal advice on this transaction, Dentons had to perform an in-depth analysis of the group’s operations and structure and to precisely define the financing mechanisms involved. An essential element of the transaction was the incorporation of the EU financing the group will receive in connection with the Wielkopolskie Region Broadband Network project into the deal structure. The transaction was a challenge because its terms had to reconcile the interests of INEA’s affiliates, the expectations of individual financial investors and the investment fund Warburg Pincus, which has been the group’s minority strategic investor since last year.
INEA will earmark a portion of the financing to refinance its current outstanding debts.
Dentons lawyers have been involved in this transaction since the end of 2012, advising INEA on the financing terms and financial documents, as well as in negotiations with Poland’s largest banks.
The transaction was handled on behalf of Dentons by Bartosz Nojek, and supervised by Mateusz Toczyski, Head of Dentons European Banking and Finance Team.
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