Watchdog clears Polish oil firm PKN Orlen's bond issue prospectus

By bne IntelliNews May 27, 2013

The Polish Financial Supervision Commission (KNF) has passed a prospectus of Poland's biggest downstream oil company PKN Orlen related to its planned bond issue, as the watchdog has announced. The notes will be subject to public trading.

The offer will be organised by brokers UnICredit CAIB Poland and DM PKO BP.

In early April, PKN Orlen announced it submitted KNF with a prospectus related to its planned PLN 1bn (EUR 0.25bn) retail bond issue programme.

At that time, the firm said this scheme is one of the tools it wants to use to alter its financing structure, which is currently dominated by bank loans. In late 2012, the firm it does not plan an eurobond issue in 2013, while it targets regaining an investment-grade rating.

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