MFW Fiałek advised Metalkas S.A. on the issuance of bonds with the Polish Development Fund (PFR)as the investor.

The transaction represents a successful collaboration between public and private sectors in financing the growth of Polish industrial companies. PFR’s participation highlights the increasing role of institutional investors in corporate financing and the growing importance of bond issues as an alternative source of capital in Poland.

Our advice

Our legal assistance covered comprehensive advice to the issuer and its shareholders throughout the bond issuance process, including the negotiation of the terms and conditions of the bound issuance and security documentation.

MFW Fiałek project team

The project team was led by Mirosław Fiałek – Partner, and included Mariusz Domagała – Counsel, Krzysztof Drzymała – Senior Associate, and Natan Fischer – Associate.

Transaction parties

Metalkas is one of the largest manufacturers of shelving and ladders in Europe. The company holds over 20% of the EU steel shelving market and approximately 70% in Poland, while in the aluminium ladder segment it reaches around 40% of the domestic market. Metalkas products are distributed to 32 countries through DIY chains, FMCG retail, and e-commerce channels. In the 2024/25 financial year, the company generated over PLN 300 million in revenue and PLN 47 million in EBITDA.

The Polish Development Fund is a group of financial and advisory institutions for entrepreneurs, local governments and individuals investing in Poland’s sustainable social and economic development, whose priorities are infrastructure investments, innovation, entrepreneurship development, export and foreign expansion of Polish enterprises, support for local governments, implementation of the Employee Capital Plans programme and servicing foreign investment.

Transaction significance

The Metalkas bond issuance with PFR participation demonstrates the effective use of debt financing in the industrial sector. The transaction highlights how capital market instruments can support the growth of Polish manufacturing companies and confirms MFW Fiałek’s expertise in advising on complex financing transactions and corporate bond issues.