TAURON with new hybrid financing from Bank Gospodarstwa Krajowego

The programme of hybrid bond issue is another initiative of TAURON aimed at acquiring funds or financing of investment and current expenditure of the Group. The financing agreement with the value of PLN 400 million was concluded between Bank Gospodarstwa Krajowego (BGK) and TAURON Polska Energia on September 6th during the economic Forum in Krynica.

- New possibilities for financing the investment offered by the agreement signed mean the development opportunity. From the perspective of plans included in the company strategy it indicates the care of long-term thinking of TAURON Group’s future. I believe that the cooperation of the company with BGK will be another method aiming at diversification of financing sources for projects – said Krzysztof Tchórzewski, the Minister of Energy.

The issue programme of subordinated bonds stipulates a possibility to perform bond issue in several series over almost two years following the moment of signing the agreements, i.e. until 30 June 2019.

The period of financing shall last 12 years of the date of issue, whereas the first 7 years make the so-called non-call period. BGK has also undertaken to maintain the bonds on its balance sheet over 7 years.

- Financial markets create more and more opportunities to raise funding for investment.
An example of such instruments are exactly the hybrid bonds. It is important that Polish companies are willing and able to use them. It is also a proof that the financial market in Poland is developing.
It is very important for us. We refer to this issue in the Strategy for Responsible Development 
- said Jerzy Kwieciński, Deputy Minister of Development. He expressed his hope that the number of Polish companies interested in the hybrid bonds would soon increase.

The new bond issue programme is the next financing scheme favourable for TAURON Group in the context of mitigating the risk of failure to comply with the limit value of the net debt/EBITDA ratio, defined in TAURON financing agreements. The debt due to the hybrid bonds, in view of its subordinated nature, will not be included in the debt ratio determined at a level of 3.5.

- In the framework of the new strategy of TAURON Group, the Company conducts activities aimed at acquisition of new financing forms for the planned investment activity. Ensuring funds to carry out activities of the Group, diversification of financing sources and extension of the average weighted debt maturity term are the measures which should translate into a positive perception of TAURON, both by the rating agency and by other financial institutions. We are pleased that this is the next long-term financing acquired by TAURON from Bank Gospodarstwa Krajowego, which confirms our very good mutual relations and the ability to achieve goals important for both parties – says Filip Grzegorczyk, President of the Management Board of TAURON Polska Energia.

The feature of the hybrid financing is a possibility to recognise its part (usually 50%) as a capital in financing models of rating agencies. Such a recognition reduces the level of debt and has a positive impact on the rating. In the case of the hybrid financing from BGK, the rating will be assigned before individual issues.

 - Bank Gospodarstwa Krajowego is the first Polish bank to organise the issue of the hybrid bonds. It is a complicated instrument, requiring extensive knowledge, which is used for financing of cost-intensive investment with a long period of return.  TAURON is our important partner with whom we have been developing cooperation for several years, contributing to the improvement of the energy security of the country. Our current aggregate contribution to financing of the energy sector amounts to approx. PLN 8.5 billion – says Beata Daszyńska-Muzyczka, President of the Management Board of BGK.

It is the first hybrid financing granted by BGK, and the second financing of this type acquired by TAURON. In the framework of activities aiming at acquisition of new forms of financing for the planned investment activity, at the end of 2016, TAURON carried out an issue of hybrid (subordinated) bonds with the value of EUR 190 million, taken up by the European Investment Bank under the Juncker Plan.

The objective of the issue was to acquire funds for the implementation of investment tasks in the area of distribution, consisting in connecting new customers to the medium and low voltage distribution grid.

Another instrument which may support the implementation of TAURON Group’s investment plan in the future is the potential capital contribution of the Polish Development Fund (PFR) whose framework was defined in the Memorandum of Understanding signed in June this year. It determined the initial terms and conditions of PFR involvement in the construction of the new 910 MW power unit in Jaworzno. The Fund expressed its preliminary interest in investing the amount of PLN 880 million.

The next significant step in the area of financing was the decision to issue Euro bonds with the nominal value of EUR 500 million. Funds to be acquired will be allocated for re-financing costs of construction and purchase of wind farms by one of companies of the Group as well as financing of the Group’s investment in the distribution segment and general corporate objectives. The bonds are listed on London Stock Exchange.

TAURON’s offer of Euro bonds attracted considerable interest among European and domestic investors. It was confirmed by almost three-fold oversubscription. The objective of the issue was not only to provide funds in order to carry out investment activity of the Group but also to diversify financing sources and extend the average weighted debt maturity term.


TAURON Polska Energia SA is a holding company in the capital group dealing with coal mining, generation distribution and sales of energy. Activity of TAURON Group comprise 18 per cent of the country area and the Group is one of largest economic operators in Poland, including the position of the biggest distributor and second biggest electricity supplier and generator. TAURON Group comprises, among others, TAURON Wytwarzanie, TAURON Dystrybucja, TAURON Sprzedaż, TAURON Obsługa Klienta, TAURON Wydobycie, TAURON Ekoenergia and TAURON Ciepło. Since 2010 shares of TAURON Polska Energia SA are listed on Warsaw Stock Exchange in Warsaw, among others in WIG20 and WIG30 indices. The Company is included in the index of socially responsible companies RESPECT Index.

Bank Gospodarstwa Krajowego is a state development bank initiating and pursuing programmes oriented to the economic growth of Poland, cooperating with all development institutions, such as PFR, KUKE, PAIH, PARP and ARP. BGK develops systems of guarantees and sureties to stimulate entrepreneurship. One of key tasks of the bank is also to support foreign expansion of Polish enterprises. BGK manages European programmes and distributes EU funds on the national and regional level. It engages in programmes aiming at improvement of the situation in the housing market and Poles’ access to dwellings.

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Administratora danych osobowych jest Tauron Polska Energia S.A. ks. Piotra Ściegiennego 3, 40-114 Katowice.