On 10 July 2015 TAURON Polska Energia signed the annex with Bank Gospodarstwa Krajowego to the programme agreement regarding the organisation of the bond issue programme. Pursuant to the annex concluded, the amount of the bond issue programme increased from the level of PLN 1 billion to PLN 1.7 billion.
The purpose of bond issue is financing of investment expenditure, mainly in the area of distribution and generation, in accordance with the development strategy of TAURON Group. Participation of Bank Gospodarstwa Krajowego in this project is implemented under the "Polish Investments" programme.
– The increase in the amount of the bond issue programme of 2013 is compliant with our expectations. It is an attractive instrument for us, with a favourable interest rate and a long redemption deadline, adjusted to the long-term nature of investment projects implemented in the energy sector. It is worth reminding that in accordance with the business model of TAURON Group, the holding company is responsible for acquisition of financing for companies of our capital group – says Dariusz Lubera, President of the Management Board of TAURON Polska Energia.
– We are satisfied that once again TAURON Polska Energia trusted us and we can continue to develop our cooperation. For the state development bank, such as BGK, it is the follow-up of measures consisting in supporting investment projects strategic for Poland – says Jacek Szugajew, Vice-President of the Management Board of Bank Gospodarstwa Krajowego.
– The bond issue programme for TAURON Group is one of the biggest programmes of this type launched by Bank Gospodarstwa Krajowego, and today's increasing of its value once again confirms that TAURON is a reliable partner for financial institutions – adds Krzysztof Zawadzki, Vice-President of the Management Board of TAURON Polska Energia for Economics and Finance.
The level of the bond issue programme with a maximum maturity period of 15 years, with six-month interest payment periods, amounts to PLN 1.7 billion. Within the amount by which the bond issue programme was increased, as at the day of concluding the annex, the amount of PLN 300 million was covered by the guarantee. The financial structure stipulates bond issue in series in the years 2015-2016, with redemption deadlines maturing from 2020 to 2029. In this project, Bank Gospodarstwa Krajowego acts as the organiser, programme guarantor and depositary.
