Successful issue of eurobonds underwrited by PKN ORLEN
30-06-2014    shareholders

Based on a thorough analysis of the market and investor demand, PKN ORLEN, through its subsidiary ORLEN Capital AB, has issued EUR 500m of eurobonds which will pay interest at an annual rate of 2.5%.

“Taking advantage of favourable financial market conditions and in line with our previous announcements, we are diversifying our financing sources, this time through a eurobond issue. Our successive debt issues receive high ratings from leading agencies, such as Fitch and Moody’s, and the Company itself has regained the long lost investment grade status from both agencies,” commented Sławomir Jędrzejczyk, Vice-President of PKN ORLEN for Finance.

The issue of the 7-year debt securities was carried out by a special purpose vehicle, ORLEN Capital AB., a Swedish resident wholly owned by PKN ORLEN. The latter underwrites the issue. Issue proceeds will further diversify the Company's financial sources and will be applied towards repayment of bank loans.

The  debt was rated BBB- and Baa3 by Fitch Ratings and Moody’s Investors, respectively. The eurobond issue was preceded by a series of meetings between PKN ORLEN and investors in Europe's main financial hubs, including Germany, United Kingdom, France, Switzerland and the Benelux. The offering's global coordinators are BNP Paribas and HSBC, but its success has been a joint effort of a group of institutions, which, apart from BNP Paribas and HSBC, included Mitsubishi UFJ Securities, RBS, Santander GBM and UniCredit.

In late April 2014, PKN ORLEN closed its retail bond programme, in which 10,000,000 bonds with a nominal value of PLN 100 per bond were offered to investors. At the beginning of 2012, PKN ORLEN diversified its financing sources by issuing PLN 1bn of corporate bonds. The bonds were then introduced to trading on the Catalyst market to reach an even greater number of investors.

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