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11/27/2020 1:34:17 AM

Current Report No. 24/2019

19.06.2019 20:15

Credit agreement to replace bond issue program

​The Management Board of TAURON Polska Energia S.A. (“Company”) informs that on 19 June 2019 a PLN 6.07 billion worth credit agreement was signed between the Company as the borrower and Bank Handlowy w Warszawie S.A., Santander Bank Polska 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., MUFG Bank (Europe) N.V., MUFG Bank (Europe) N.V. S.A. Oddział w Polsce and Powszechna Kasa Oszczędności Bank Polski S.A. as lenders (“Credit Agreement”).

The Credit Agreement essentially replaces the bond issue program worth up to PLN 6.27 billion concluded on 24 November 2015 as amended (“Bond Issue Program”) with banks that are the party to the Credit Agreement and the bank BNP Paribas Bank Polska S.A. that will continue financing the Company under the Bond Issue Program in the amount resulting from the bonds taken up so far, whose maturity as defined in the terms and conditions of the bond issue falls not later than by the end of the year 2020.

The Company informed about the Bond Issue Program in current reports No. 49/2015 of 24 November 2015, 29/2017 of 20 June 2017 and 6/2018 of 9 March 2018.

Key parameters of financing defined in the Credit Agreement, including the level of margin, the effective period of financing and the level of individual lenders’ financial involvement have not been changed in relation to the Bond Issue Program. Financing available to the Company under the Credit Agreement amounts to:

a) PLN 6.07 billion until 31 December 2021,
b) PLN 5.82 billion until 31 December 2022.

In accordance with the Credit Agreement the funds will be used first to redeem bonds issued to date under the Bond Issue Program and taken up by the banks that are the party to the Credit Agreement. Moreover, the funds will be used, among others, to implement actions resulting from the update of strategic directions that supplements the TAURON Group’s 2016-2025 Strategy and postulates increased share of renewable sources in the TAURON Group’s generation assets.

Following the signing of the Credit Agreement, the banks’ undertaking to take up bonds issued under the Bond Issue Program has been cancelled, and thus the Company will not place further bond issues under the program.

Legal basis: Article 17 of MAR - inside information


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