PGNiG of Poland to Issue Domestic Notes

PGNiG of Poland to Issue Domestic Notes

Polskie Górnictwo Naftowe i Gazownictwo SA is planning to carry out the first issue under its new domestic note issuance programme in the amount of PLN 2.5bn. On June 13, the book building process for the issue was closed.

PGNiG will issue notes worth PLN 2.5bn, with a maturity of five years, yielding 6M Wibor plus 1.25%.

On May 22nd, PGNiG SA executed an agreement on its PLN 4.5bn 5-year domestic notes programme with ING Bank Śląski SA and Bank Polska Kasa Opieki SA. Under the 5-year programme, PGNiG will be able to issue for private placement fixed or floating rate notes with maturities of up to 10 years.

Once issued, the notes may be traded on the Catalyst multilateral trading facility operated by the Warsaw Stock Exchange.

The notes will be issued with a view to raising financing for PGNiG’s day-to-day needs related to the implementation of the Group’s strategy. The proceeds are to be applied towards conventional oil and gas exploration, shale gas exploration, construction and expansion of production facilities, underground storage capacities and the distribution network, including new gas service lines, and projects in the power sector.


LNG World News Staff, June 18, 2012