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Weil Advises Polish Television Holding on Issuance of €300 Million High Yield PIK Toggle Notes

International law firm Weil, Gotshal & Manges has advised Polish Television Holding, B.V. (PTH), a special purpose subsidiary of the ITI Group, the leading media and entertainment group in Poland, in connection with an offering of €300 million of high yield PIK toggle notes to finance the redemption of outstanding high yield notes. Weil acted as US and Polish counsel to PTH.

The U.K./U.S. team included English law finance partner James Hogben, associates Meghan Stanton, James Crook and Georgina Wilson, and New York tax partner Larry Horton. Weil’s Warsaw team was led by partner Anna Frankowska and included counsel Zofia Frydrychowicz and associates Anna Blonska and Jacek Balicki.

The ITI Group owns a stake in TVN, Poland’s leading private television broadcaster. Weil has advised ITI and TVN previously on a number of significant corporate and finance transactions, including TVN’s issue of €430 million of senior notes that were issued earlier this week. In 2012 Weil advised ITI and TVN in connection with an agreement with French entertainment company Groupe Canal+ to combine their pay-TV operations in Poland, in a joint venture called "nC+". As part of the transaction, Groupe Canal+ also acquired a minority stake in TVN from ITI with the option to gain control commencing three years after the closing of the transaction.