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Current Report No. 11/2016

29.02.2016 18:05

TAURON Polska Energia S.A. purchased its own bonds and issued bonds under bond issue program

The Management Board of TAURON Polska Energia S.A. (“TAURON”, “Company”, “Issuer”) informs that on 29 February 2016 the Company purchased with the intention to redeem 22,500 bonds (“Bought Back Bonds”) out of 30,000 tranche C bonds (“Tranche C Bonds”) issued on 12 December 2011 as part of bond issue program dated 16 December 2010. TAURON informed about the issue of the said bonds in current report No. 60/2011.

Early buyback does not cover the remaining 7,500 Tranche C Bonds which, according to the terms and conditions of the bond issue, will be redeemed on 12 December 2016. The Bought Back Bonds were purchased at the issue price of PLN 100,000 thus the total nominal value of bought back and redeemed bonds equals PLN 2,250,000,000. The amount of buy-back was increased by interest due from the first day of the last interest period preceding the buy-back until the day of that buy-back (excluding that day).

The purchase with the intention to redeem was executed based on bilateral agreements concluded between TAURON and bondholders of Tranche C Bonds and the main purpose of the transaction is to extend the maturity of debt incurred by the Company in the form of bonds. Funds to refinance the Bought Back Bonds were obtained by TAURON under a new bond issue program. The Issuer informed about signing of the agreement for new bond issue program in current report No. 49/2015.

As part of the new program, on 29 February 2016 the Company issued 22,500 bonds with the total nominal value of PLN 2,250,000,000 (“Bonds”) with maturity date on 29 December 2020. The Bonds were issued in PLN as uncollateralized, dematerialized, coupon securities. The Bonds were taken up at the issue price equal to the nominal value amounting to PLN 100,000. Bonds’ interest rate was determined based on WIBOR 6M rate increased by a fixed margin. The Bonds will be redeemed at the issue price on the maturity date and interest will be paid in arrears at the end of each interest period to bondholders who hold the Bonds on the record date.

Interest payable under the Bonds will be paid in semi-annual periods (except for the first, four-month period). On account of Bond holding, the Bondholders will be entitled to cash payments only.

The Bonds have been taken up by financial institutions that are parties to the bond issue program, i.e. Bank BGŻ BNP Paribas S.A., Bank Handlowy w Warszawie S.A., Bank of Tokyo-Mitsubishi UFJ (Holland) BV, Bank of Tokyo-Mitsubishi UFJ (Polska) S.A., Bank Zachodni WBK S.A., CaixaBank S.A. (Spółka Akcyjna) Oddział w Polsce, Industrial and Commercial Bank of China (Europe) S.A. Oddział w Polsce, ING Bank Śląski S.A., mBank S.A. and Powszechna Kasa Oszczędności Bank Polski S.A.

As a result of the transaction TAURON improved its debt structure by moving the maturity date of the bonds in the amount referred to above by five years which has positive impact on the Issuer’s financial and economic standing in view of investment expenditures planned for the coming years.

As of the day of bond issue, the Management Board sees no threats to complying with the commitments resulting from the Bonds. The Company informs that as of 31 December 2015 the value of its liabilities amounted to PLN 9.7 billion. At the same time due to, among others, execution of its investment program, the Issuer anticipates that debt level may increase during the period until the maturity date of the Bonds.

Specific legal basis: § 5 section 1 item 11 of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities (…)

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