Poland readies three-tranche note offering via four bookrunners

By Mary-Katherine Stinson

Lexington, Ky., March 11 – The Republic of Poland, represented by its Minister of Finance, is in the market with a three-tranche offering of dollar-denominated notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be redeemable at par plus interest at the sovereign’s option beginning one month, three months and six months prior to maturity, respectively.

Citigroup Global Markets Inc., Deutsche Bank AG, J.P. Morgan SE and Santander US Capital Markets LLC are the joint lead managers.

Citibank, NA, London Branch is the fiscal agent.

Certain legal matters will be passed upon on behalf of the Republic of Poland by or on behalf of the Director of the Legal Department at the Ministry of Finance by White & Case LLP, special U.S. counsel for the State Treasury, and by White & Case M. Studniarek i Wspolnicy – Kancelaria Prawna spk., Polish counsel for the State Treasury.

The underwriters will be represented by Latham & Watkins LLP, special U.S. counsel for the underwriters, and Rymarz, Zdort, Maruta, Wachta, Gasinski, Her i Wspolnicy spk, Polish counsel for the underwriters.

Proceeds will be used for Poland’s state budget borrowing requirements or for general financing purposes.

Application has been made to list and trade the notes on the regulated market of the Luxembourg Stock Exchange only.

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