Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN", “Company”) hereby informs that on 7 June 2016 ORLEN Capital AB finished process of eurobonds (“Eurobonds”) issue, guaranteed by PKN ORLEN. Eurobonds were assigned with credit ratings: from Fitch Ratings Ltd. at the level of BBB- and from Moody’s Investors Service at the level of Baa3.
ORLEN Capital AB will re-borrow to PKN ORLEN the financial resources gained from the issue.
Joint Lead Managers of the Eurobonds issue are: BNP Paribas, Société Générale Corporate & Investment Banking, Citigroup, UniCredit Bank, Santander Global Corporate Banking, ING, PKO Bank Polski S.A. and Citibank, N.A., London Branch acts as fiscal agent and principal paying agent.
In relation to the above on 7 June 2016 PKN ORLEN signed a guarantee agreement (“Guarantee”) to secure the forthcoming obligations of ORLEN Capital AB connected with Eurobonds issue.
Financial conditions of the Guarantee are as follows:
- the Guarantee will cover the total value of the issue but not higher than EUR 1.1 bn (i.e. PLN 4.8 bn)
- the Guarantee is valid by the date of Eurobonds maturity and
- the payment for Guarantee will be included in the interest rates of the borrowing to PKN ORLEN.
The amount in PLN has been calculated based on the average PLN/EUR exchange rate as of 7 June 2016, as stated by the National Bank of Poland.
PKN ORLEN holds 100% of shares in ORLEN Capital AB.
See also: regulatory announcement no 119/2016 dated 16 May 2016, regulatory announcement no 132/2016 dated 25 May 2016, regulatory announcement no 134/2016 dated 25 May 2016, regulatory announcement no 143/2016 dated 2 June 2016, regulatory announcement no 152/2016 dated 7 June 2016 and regulatory announcement no 153/2016 dated 7 June 2016.