Series C and Series D Bonds on Catalyst
With a decision of the Warsaw Stock Exchange, another two series of PKN ORLEN retail bonds are to be listed on the Catalyst Market as of December 9th. When this happens, the total nominal value of PKN ORLEN's debt securities traded on the exchange will have reached PLN 700m year-to-date.
The terms of the Series C and D bonds proved so attractive to investors that the entire Series C tranche sold out on the first day of the subscription period. The Series A and B bonds had also attracted strong interest. In order to meet the excess demand, the Company resolved to issue the Series C and then Series D bonds, which carry a floating interest rate based on 6M WIBOR plus a 1.3% margin. Both Series C and Series D bonds have received the high A-(pol) rating from Fitch.
“The remarkable success of all the PKN ORLEN bond issues so far points to the great potential of financial instruments of this type,” commented Sławomir Jędrzejczyk, Vice-President of Finance at PKN ORLEN. “Almost 4,700 investors placed orders in all four tranches, with an average amount paid of approximately PLN 188 thousand. The statistics show that over 91% of the retail bonds issued by PKN ORLEN in 2013 have been purchased by retail investors,” added Mr Jędrzejczyk.
PKN ORLEN's partners in all four bond issues include: UniCredit CAIB Poland S.A., Dom Maklerski PKO Banku Polskiego and Bank Pekao S.A., as well as the following distributors: Centralny Dom Maklerski Pekao S.A., Dom Maklerski Pekao, Dom Inwestycyjny Xelion and Dom Maklerski PKO Banku Polskiego, as well as law firms Clifford Chance, Janicka, Krużewski, Namiotkiewicz i Wspólnicy sp.k., and Baker & McKenzie Krzyżowski i Wspólnicy sp.k.
