KPS shipyard company to issue USD 100m of bonds

APA - Austria Presse Agentur
opublikowano: 27-10-2005, 17:11

Poland: Warsaw (Puls Biznesu) Korporacja Polskie Stocznie, which was supposed to consolidate the Polish shipyard market, may be forced to change plans as Law and Justice (PiS), the winner of recent parliamentary elections, wants to cancel the consolidation process. Nevertheless, KPS is getting ready to issue USD 100m of bonds.

Poland: Warsaw (Puls Biznesu) Korporacja Polskie Stocznie, which was supposed to consolidate the Polish shipyard market, may be forced to change plans as Law and Justice (PiS), the winner of recent parliamentary elections, wants to cancel the consolidation process. Nevertheless, KPS is getting ready to issue USD 100m of bonds.

We are considering three offers: of Deutsche Dresdner Bank, Bank BPH and ABN Amro, Jerzy Konopka, KPS deputy CEO said.

The decision may be made within two weeks. The bonds will be guaranteed by the Industrial Development Agency ARP.

Jerzy Konopka believed that thanks to the issue, KPS will be able to give credits for spv, the target companies founded by shipyards for each contract. If a ship costs USD 50m, KPS may lend USD 20m, the rest must be obtained by shipyards from banks. The only problem is that shipyards musst have financing insurance in KUKE, state-owned export credits insurance agency. The European Commission, however, questions KUKEs activities, which resemble public subsidies. Jerzy Konopka stressed that if the margins were calculated in connection to the risk (today, there is one margin), the commercial dimension of the insurance company would not cause any doubts.

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Podpis: APA - Austria Presse Agentur

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