20.12.2012 PGNiG SA issues notes for approximately PLN 700m
On December 19th 2012, Polskie Górnictwo Naftowe i Gazownictwo SA issued notes totalling approximately PLN 700m under the Note Issuance Programme of May 22nd 2012.
The notes are short-term unsecured discount bearer notes in book-entry form, maturing in 3, 6 and 12 months. All the notes are denominated in the Polish złoty and were offered in a private placement exclusively in the territory of Poland.
Following the note issue, the total value of all notes issued under the Programme and outstanding as at December 19th 2012 was PLN 3.7bn. The first tranche under the Programme, of PLN 2.5bn, was issued in June 2012, and another one (short-term notes), of PLN 500m, was issued in September 2012.
The issuance of notes under the Programme is part of the Company's efforts to diversify its financing sources.
The notes are issued with a view to raising financing for PGNiG's day-to-day needs related to the implementation of the Group's strategy. The proceeds are to be applied towards conventional oil and gas exploration, shale gas exploration, construction and expansion of production facilities, underground storage capacities and the distribution network, including new gas service lines, and projects in the power sector.
On May 22nd 2012, PGNiG SA executed an agreement on a PLN 4.5bn five-year domestic notes programme with ING Bank Śląski SA and Bank Polska Kasa Opieki SA.