Cyfrowy Polsat PLN bonds



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Target board date:

27 May 2015



PSD disclosed:

03 Aug 2015

Translated version of this PSD: Polish

Project Description

The European Bank for Reconstruction and Development (EBRD) invested in senior unsecured PLN denominated bonds with 6 years maturity, issued by Cyfrowy Polsat S.A., a leading Polish telecommunications and media company.

Transition Impact

The expected transition impact of the project is derived through demonstration of new financing methods

(i) by fostering development of the local corporate bond market by supporting a sizable local currency (PLN) corporate bond issue of a longer maturity, and

(ii) through market expansion by extending telecommunication networks and increasing mobile broadband coverage into remote areas outside the main cities.

The Client

Cyfrowy Polsat S.A. (Cyfrowy) is offering telecommunications, pay-TV and broadcasting services to its customers. The company is listed on the Warsaw Stock Exchange, with the majority of its capital privately controlled.

EBRD Finance

Bond Subscription.

Project Cost

Total bond issue value amounted to PLN 1 billion (approx. EUR 250 million).

Environmental and social categorisation, impact, and mitigation

Categorised B. The Annual Environmental and Social Report from Cyfrowy and abbreviated questionnaire have confirmed that the company is in compliance with national law as well as pertinent EBRD Performance Requirements. The Bank's subscription of Cyfrowy's bonds and Cyfrowy's media and telecommunication operations are unlikely to be associated with significant environmental and social issues. Cwfrovy will be required to continue to comply with EBRD Performance Requirements and submit an annual environmental and social report.

Technical Cooperation


Company Contact

Ersida Docaj +44 207 338 8825

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer ( is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.