PKE may get binding offer from banks for bonds worth EUR 175m

APA - Austria Presse Agentur
opublikowano: 07-11-2005, 13:39

Warsaw (Puls Biznesu) - Poludniowy Koncern Energetyczny (PKE), the Polish energy company, will soon choose financial institutions which will conduct its bond issue worth EUR 175m.

Warsaw (Puls Biznesu) - Poludniowy Koncern Energetyczny (PKE), the Polish energy company, will soon choose financial institutions which will conduct its bond issue worth EUR 175m.

We have at least four serious partners, Jan Kurp, PKE CEO said.

This is probably just part of negotiations. The most probable issuers are Bank Handlowy, BPH and BRE Bank, a consortium chosen last year. PKE said that the choice would be made within several weeks. According to 'Puls Biznesu' sources, this week the issuer will be chosen.

PKE is to buy out the bonds in 10 years. They will be offered to Polish investors. Funds raised in the issue will be spent to build power unit of 460MW in its Lagisza power plant. The investment will be executed by Alstom and Foster Wheeler. The project is worth EUR 500m.

The contract with construction companies starts on December 31st 2005. We probably won't have funds from the issue because we expect them at the beginning of next year, but we have funds to launch construction works, PKE CEO assured.

The company will spend PLN 700m of its own funds, the same as it will raise in the issue. PLN 600m (EUR 148.8m) will be paid by ecologic funds.

(PLN 1 = EUR 0.248)

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Podpis: APA - Austria Presse Agentur

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