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Current Report No. 49/2020

23.10.2020 00:00

Decision to issue bonds under TAURON Polska Energia S.A. bond issue program

In reference to the current report (regulatory filing) no. 3/2020 of February 6, 2020, on the establishment of a bond issue program worth up to PLN 2 billion and the current report (regulatory filing) no. 46/2020 of October 5, 2020, on the commencement of activities aimed at issuing bonds under the above indicated program, the Management Board of TAURON Polska Energia S.A. ("Issuer") announces that, based on the results of the completed book building process, on October 23, 2020, it took a decision to issue series A bearer bonds ("Bonds") on the following terms:

- Total nominal value (par value) of the Bonds: PLN 1 000 000 000
- The nominal value (par value) of one Bond: PLN 1 000
- Issue price of one Bond: equal to the nominal value (par value) of one Bond
- Date of the Bonds issue: October 30, 2020
- Bonds redemption date: October 30, 2025
- The option to redeem the Bonds early by the Issuer (bond call option, callable bond): an early redemption shall be possible on the interest payment dates
- Bondholders’ option (put option, putable bond) to demand the Bonds be paid back prior to their maturity date: in the event of the State Treasury losing ownership control that would result in the loss of the Issuer's investment grade rating, a failure to publish the values of the sustainable development indicators or a failure to have the Bonds admitted to the alternative trading system operated by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.) within 90 working days from the date of issue
- Interest periods: 6 months
- Interest on the Bonds: variable based on the interest rate as the sum of the WIBOR rate for the 6-month deposits and a margin of 135 basis points
- Purpose of the issue: the proceeds from the issue of the Bonds may be used to: finance the costs of developing/acquiring RES projects, finance the distribution operations, as well as the Group’s general corporate operations related to RES or energy transition to zero emission, and to 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)
- Sustainable development indicators (metrics) included in the terms of the Bonds issue: the emission reduction index by an average of 2 percent per annum and the RES capacity growth rate by an average of 8% per annum. If the above indicators are not met, the margin will be increased by 5 basis points in relation to the base margin (in case of a failure to meet one indicator) or by 10 basis points (in case of a failure to meet two indicators at the same time). An independent auditor will be confirming the correctness of calculating the sustainability indicators
- Benefits under the Bonds will be only in cash
- Bonds will not be secured
- Bonds will be issued pursuant to Art. 33, clause 1 of the Act of January 15, 2015, on bonds, on the basis of exemptions from the obligation to publish a prospectus provided for in Regulation of the European Parliament and of the Council (EU) 2017/1129 and will be offered only to qualified investors within the meaning of the above mentioned regulation
- Issuer will apply for the admission of the Bonds to the alternative trading system operated by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.)

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

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