PGNiG wants to pay EUR 679 m for bonds to be listed

APA - Austria Presse Agentur
02-03-2005, 18:51

Warsaw (Puls Biznesu) – PGNiG, Poland’s gas monopoly, has a plan to remove the biggest obstacle before its 15-percent stake is listed in June. The problem are the shares issued in 2001, worth EUR 679 m now. The sum constitutes over half of the company’s debt of PLN 4.2 billion (EUR 1.1 billion). PGNiG wants to buy out the bonds to sell its subsidiary PGNiG Przesyl to the state.

Warsaw (Puls Biznesu) – PGNiG, Poland’s gas monopoly, has a plan to remove the biggest obstacle before its 15-percent stake is listed in June. The problem are the shares issued in 2001, worth EUR 679 m now. The sum constitutes over half of the company’s debt of PLN 4.2 billion (EUR 1.1 billion). PGNiG wants to buy out the bonds to sell its subsidiary PGNiG Przesyl to the state. This was the condition given by the Treasury to allow listing PGNiG’s shares.

The bonds should be bought out in 2006. In order to convince its bondholders to sell the bonds earlier, PGNiG will have to pay bonus. Nominal value of one bond amounts to EUR 100, and the interest 6.75 percent. PGNiG believes, the bonds are worth EUR 106.5-107 each. ‘We want to offer bondholders to pay a bonus of EUR 5 for every EUR 1,000 of the nominal value of bonds’, Marek Kossowski, PGNiG CEO said. On March 29th, bondholders should decide whether to allow for an earlier transaction. ‘If everything goes right, we will have 60 days for the transaction’, Marek Kossowski added.

Citigroup will supervise the transaction. PGNiG has EUR 600 m to buy the bonds, the money received as a credit from 12 banks. EUR 80 m will come from the company’s own funds.

(PLN 1 = EUR 0.256)Poland/Enterprises/Gas and Oil

 

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