PKN ORLEN launches third bond series
PKN ORLEN has launched its third retail bond issue this year, valued at PLN 200m. Based on market research, investor activity on the Catalyst market, and the huge interest generated by the first two series, the decision was made to offer four-year Series C bonds for subscription and sale. PKN ORLEN is expecting up to PLN 1 bn in proceeds from the entire bond issue programme.
The Series C bonds will bear interest at a floating rate equal to the sum of 6M WIBOR and a 1.4% margin, with interest accrued from the date of sale and paid semi-annually. The bonds have been assigned a national rating of A- (pol) by Fitch Ratings, in keeping with the ratings awarded to the previous issues. The Company intends to have the Series C bonds introduced to trading on the Catalyst market as soon as possible.
“We are glad to see our bonds receiving rating upgrades, and growing in popularity with retail investors as an investment option. The immense success of the first two issues makes us optimistic about the outcome of the sale of this next series. Also, we have just won back our investment-grade rating, which we think further reinforces our reputation as a reliable, trustworthy partner,” said Sławomir Jędrzejczyk, Vice-President of the PKN ORLEN Management Board for Finance.
PKN ORLEN has published a supplement to the Prospectus, updating it with important events that have occurred since the Prospectus date, such as the Company’s regaining of a BBB- investment-grade rating, as well as the beginning of the acquisition of the Canadian oil and gas company, TriOil Resources Ltd. PKN ORLEN's partners in all three bond issues are UniCredit CAIB Poland S.A., Dom Maklerski PKO Banku Polskiego and Bank Pekao S.A., and the distributors are Centralny Dom Maklerski Pekao SA, Dom Maklerski Pekao, Dom Inwestycyjny Xelion and Dom Maklerski PKO Banku Polskiego.
