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Deloitte Legal in Poland, Chile and Japan advised Bank Gospodarstwa Krajowego (BGK) on a USD 700,000,000 credit facility for the Chilean mining company Sierra Gorda S.C.M.

Warszawa, 31 marca 2021 r.

We are pleased to inform you that Deloitte Legal in Poland, Chile and Japan advised Bank Gospodarstwa Krajowego (BGK) on a USD 700,000,000 credit facility for the Chilean mining company Sierra Gorda S.C.M., a joint venture of KGHM Polska Miedź S.A., Sumitomo Corporation and Sumitomo Metal Mining Co. LTD., in order to refinance an earlier financing provided to it by BGK as well to support its general corporate purposes. KGHM Polska Miedź S.A., Sumitomo Corporation and Sumitomo Metal Mining Co. LTD. will also provide guarantees to BGK as credit support for the obligations of Sierra Gorda S.C.M.

BGK (Bank Gospodarstwa Krajowego) is a Polish national development bank, a state-owned one. Its main tasks are: support and servicing of export transactions, issuing governmental guarantees, and support of housing. KGHM Polska Miedź S.A. is a Polish multinational corporation, major copper and silver producer.

This deal was the first English law governed banking transaction handled  by transactional banking team at Deloitte Legal in Poland. It shows that Deloitte Legal is capable of dealing with multi-jurisdictional transactions “in-house”. Since English law is widely used for cross-border work, the ability of Deloitte Legal to offer English law support to our clients provides another reason for clients to come to Deloitte for cross-disciplinary advice and transaction support

– said Nick Coddington, Solicitor of the Senior Courts of England and Wales and a Local Partner at Deloitte Legal Poland.

The Deloitte Legal transaction team was lead from Poland by Nicholas Coddington (Local Partner) and Katarzyna Jakubiak (Local Partner) who provided advice as to English and Polish law, Ignacio Concha (Partner) headed the Deloitte Legal team providing Chilean law advice and Hirokazu Ina (Partner) lead the Japanese team from Deloitte Legal. The Deloitte Legal team also included Anna Stawińska (Associate, Deloitte Legal Poland) and Oliver Ortiz Quiero (Chile).

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