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Current Report No. 3/2020

06.02.2020 14:45

Bond issue program established

TAURON Polska Energia S.A. (”Issuer") informs that on February 6, 2020, it concluded, with Santander Bank Polska S.A. (”Bank”), a program agreement (”Program Agreement”), pursuant to which a bond issue program (”Program”).

Within the Program the Issuer has the option of issuing bonds up to a maximum PLN 2 billion, with the value of the issue being determined each time at the time of making the decision on the issue.
Under the Program bonds will be issued pursuant to the act on bonds of January 15, 2015. The procedure under which the bonds will be offered as part of the Program will not entail an obligation to draw up an issue prospectus. The bonds will be in the form of dematerialized, unsecured bearer securities, denominated in PLN, with the maturity between 5 and 10 years (inclusive). The Issuer’s intention is to place the bonds on the market and introduce them to the trading in the alternative trading system Catalyst run by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.)

The proceeds from the bond issue will support an implementation of the Issuer Group’s energy transition, including increasing the share of the low and zero emission sources in its generation mix. In particular, the proceeds from the bond issue will be used to:
(i) finance the costs of developing/acquiring renewable energy sources projects (”RES”), (ii) finance the distribution, as well as the Group’s general corporate operations related to RES or energy transition to zero emission, (iii) finance the costs of developing or acquiring projects where biomass or gas is used as fuel, and (iv) refinance the Group’s debt taken on in order to finance the above undertakings. The proceeds from the bond issue will not be allowed to be used to finance new and existing coal fired units, the operations of TAURON Wydobycie S.A. and the operations of TAURON Wytwarzanie S.A. (in case of other undertakings than the ones indicated above).

The terms of the bond issue, including the ones related to maturity, as well as to the amount and manner of paying out interest, will be defined for the individual series of the bonds being issued.

The terms of the bond issued as part of the Program will include sustainable development indicators (metrics) in the form of the CO2 emission reduction rate (indicator) and the RES capacity growth rate. The degree of achieving the defined threshold values of these indicators will have an impact on the level of the bonds’ interest rate margin.

The Issuer’s intention is to carry out the first bond issue within three months of the date of concluding the Program Agreement. The final decisions on the individual bond issues as part of the Program will be signed off based on the Issuer’s applicable corporate approvals and will be dependent on the market conditions.

Art. 17, clause 1 of MAR – inside information.

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