Polish utility Tauron places €500mn eurobond issue

By bne IntelliNews July 6, 2017

State-controlled Polish power firm Tauron has sold €500mn worth of eurobonds, the company said on July 5.

Tauron needs capital to refinance the costs of construction and the purchasing of a number of wind power assets, as well as to finance investment in distribution and “overall corporate goals,” the company said. The issue was preliminarily rated BBB by Fitch.

More than 100 investors placed bids for the issue, putting demand at €1.4bn. Over 30 investors eventually bought the eurobonds, with half of the offer going to investors from the UK. Most buyers were asset management companies.

“Our goal was to secure diversification of financing for the company’s operations and extend the average debt maturity date,” Tauron’s CEO Filip Grzegorczyk said in a statement.

Tauron’s net debt to Ebitda ratio was 2.31 in the first quarter, below the company’s target of 3 and also under the 3.5 permitted value under the financing agreements.

The company said it is seeking admission for the eurobonds to trading on the regulated market of the London Stock Exchange.

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