Poland: PGNiG to Issue Bonds

May 23, 2012

PGNiG SA executed an agreement on its PLN 4.5bn 5-year domestic bond programme with ING Bank Śląski SA and Bank Polska Kasa Opieki SA.

The first bond issue under the programme, for an amount of up to PLN 2bn, is to take place before the end of June 2012.

Under the 5-year programme, PGNiG will be able to issue for private placement fixed or floating rate bonds with maturities of up to 10 years. The bonds may be introduced to the Catalyst multilateral trading facility.

The bonds 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.

1 Polish zloty = 0.289847 U.S. dollars

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LNG World News Staff, May 23, 2012