PKN ORLEN notes prospectus submitted to PFSA
PKN ORLEN has submitted a prospectus relating to its new Notes Programme to the Polish Financial Supervision Authority (PFSA). Under the prospectus, one or more series of notes for a total amount of up to PLN 1bn are to be issued over the period of 12 months and offered publicly to retail investors.
PKN ORLEN's decision to launch the programme was prompted, among other things, by a huge success of its issue of seven-year corporate bonds of PLN 1bn, carried out last year, which attracted strong market demand.
“We want to have our retail notes listed on the Catalyst market, which is a sort of guarantee of the issuer quality,” observed Sławomir Jędrzejczyk, Vice-President of the PKN ORLEN Management Board, Chief Financial Officer. “Looking at the success of our last year's debut on that market and the trading in ORLEN bonds to date, seeing that they have become a component of portfolios built by pension and investment funds, we expect interest in our new debt issue also on the part of retail investors,” added Sławomir Jędrzejczyk.
Notes to be issued under the Programme will be offered publicly to retail investors in the territory of Poland. The offer will be launched once the prospectus is approved and published. Placements of retail notes on the Polish market are one of the contemplated ways to change the financing structure of PKN ORLEN. For the time being, PKN ORLEN funds its operations predominantly with proceeds of bank loans.
