Successful issue of PKN ORLEN bonds
The first series of PKN ORLEN's retail bonds has received huge interest from investors, who subscribed to the entire first series, worth PLN 200m, within just two days. In response to the high demand, PKN ORLEN is considering issuing another series of bonds in the days to come. The Company plans to raise approximately PLN 1bn from the entire bond issue programme.
Subscriptions commenced last Tuesday. All series A bonds had been acquired by the next day, and the subscription had to be closed. With a variable interest rate based on 6M WIBOR, plus a margin of 1.5% and interest paid out every six months, the offer was found very attractive by retail investors. The Company will redeem the bonds in four years. Investors will also be able to trade in the bonds on the Catalyst market of the Warsaw Stock Exchange.
"The huge demand for the first series of our retail bonds is absolute proof that we have been successful in building the image and position of PKN ORLEN as a reliable partner. What appealed to retail investors was not only the attractive interest rate, but also the high sense of security in making this investment," says Jacek Krawiec, PKN ORLEN's CEO.
The PKN ORLEN bonds were highly rated by Fitch Ratings, who assigned the series a high rating of BBB+.
PKN ORLEN's partners in the bond issue include institutions with significant experience in executing projects of a similar size: UniCredit CAIB Poland S.A., Bank Pekao S.A. and Dom Maklerski PKO Banku Polskiego, as well as the following distributors: Centralny Dom Maklerski Pekao SA, Dom Maklerski Pekao, Dom Maklerski PKO Banku Polskiego and Dom Inwestycyjny Xelion.
