Poland's biggest oil company PKN Orlen is due to start road-show in Europe's main cities on Jun 16 as part of preparations for its eurobond issue. The firm explained that the goal will be to verify interest in the notes.
PKN Orlen also said that BNP Paribas and HSBC will be the issue's global coordinators. The issue's minimum value will be EUR 500mn.
In late May, the company's supervisory board granted its consent to start the process leading to issue of eurobonds of the maximum value up to EUR 1.0bn and maximum 10 years tenor. The issue will be conducted by special vehicle company, in which the only owner/shareholder will be PKN Orlen, acting also as the issue guarantor.
The firm's CFO Slawomir Jedrzejczyk explained at that time that the recent refinancing of its EUR 2.0bn debt stipulated for the possibility of converting EUR 0.5bn of debt into eurobonds and that plan will be carried out independently.
The debt agreement is valid for five years with two one-year options to extend the contractual period.
In April, PKN Orlen sold the last tranche of its PLN 1.0bn retail bond scheme.
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