Global law firm White & Case LLP has advised Polish mobile telecoms operator P4 Sp. Z o.o., which trades as Play, on its groundbreaking, inaugural €870 million and PLN 130 million, dual-tranche high yield bond issue and entry into a new super senior revolving credit facility.

Play is a portfolio company co-owned by Olympia Development and London based investment firm, Novator.

Key members of the White & Case team which advised Play included partners Jill Concannon, who advised on the bond issue, Jeremy Duffy, who advised on the revolving credit facility, and Ian Bagshaw and Ross Allardice, who advised on corporate issues.

Concannon said: "We were delighted to support our client on the successful completion of a transaction which is notable for a number of reasons. It's the largest debut high yield bond deal since 2010, the largest Central & Eastern Europe high yield deal ever, the second largest European telecoms debut ever and the first ever Polish zloty-denominated high yield bond issued on the international capital markets.

"From a transactional perspective it was truly remarkable as our Warsaw team was able to run a 'dual track' local all-bank alternative to the high yield bond at the same time, preserving full financing flexibility for the client."

Bagshaw, the new co-head of the Firm's EMEA private equity practice, said: "This transaction has been a fabulous opportunity to showcase the Firm's borrower financing capabilities. I'm delighted we've been able to advise long standing client Novator, as well as Olympia and Play, on such a strategic step."

The White & Case team which advised Play was co-led by partners Jill Concannon and Ian Bagshaw and included partners Ross Allardice, Jeremy Duffy, Rob Mathews (London), Marcin Studniarek (Warsaw) and Rob Irving (Budapest) as well as counsel Grzegorz Jukiel, local partner Nicholas Coddington and Tomasz Ostrowski (both Warsaw) and associates James Greene (London), Rafal Kaminski and Aneta Urban (Warsaw).