Poland's biggest downstream oil company PKN Orlen has closed subscriptions for the first series of retail bonds offered to retail investors, worth of PLN 200mn (EUR 48mn), after merely two days as demand already reached supply. Later, the firm said it is offering another PLN 200mn tranche - under the bond issue programme totalling PLN 1.0bn. Subscriptions are held on Jun 3-14.
The floating interest rate on the PKN ORLEN debt securities will be based on the 6M WIBOR plus a margin of 1.5% and will be payable on a semi-annual basis. Based on the currently prevailing WIBOR rates, the bonds' yield is 4.20%. The redemption period will be four years. Investors will also be able to trade in the bonds on the Catalyst market of the Warsaw Stock Exchange.
The bonds have already been rated by Fitch Ratings. The bond series which is currently being offered has been assigned a high rating of BBB+. Fitch also indicated that PKN's international rating might be upgraded from BB+ to BBB- in the months to come. The analysts of Fitch Ratings viewed positively the excellent liquidity position of the company, in particular the fact of maintaining debt and leverage at the optimum level as well as a well-thought-out, flexible investment policy adopted as part of the company's strategy for 2013-2017.
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