ciech today placed €245 million of seven-year (non-call three) secured notes via credit suisse (b&d) and barclays. The bonds came at 9.5%, the tight end of 9.5-9.75% guidance. The bonds were also upsized by €20 million, from an originally intended €225 million. Proceeds from the notes – along with proceeds from a local-currency bond issue due 2015 – will be used to repay in full the company’s pln759.3 million (€184 million) senior credit facilities, its pln300 million (€73 million) notes due dec 2012, and a €63 million credit facility provided by commerzbank and kfw. Ciech becomes the second issuer from poland to tap the international high-yield market this year, the other being polkomtel, and only the seventh polish borrower since lcd began tracking european high-yield in 2006. Terms: