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ENEA launches Bond Issue Programme

The project of obtaining funding from external institutions in ENEA S.A. lasting for over nine months has finished today with the conclusion of a Programme agreement specifying the terms of the Bond Issue Programme. The Programme worth PLN 4 bln with additional funding from multilateral Banks will cover all the investment needs of the ENEA Capital Group for the upcoming 10 years. 

The Programme agreement was executed with five banks acting as issue guarantors, namely PKO Bank Polski, PEKAO SA, Bank Zachodni WBK, Bank Handlowy and Nordea Bank Polska. Bank PKO Bank Polski was appointed the Issue agent, the other banks being sub-agents for payment and sub-depositaries. The Programme will finance current operations and investment needs of the ENEA Capital Group's companies, in particular the construction of a new bituminous coal fired power unit of a maximum capacity of 1,000 MWe in the Kozienice Power Plant (ENEA Wytwarzanie S.A.) and the development of capacities from renewable sources. 

- It is a historic moment for the ENEA Capital Group - emphasises the President of ENEA S.A., Maciej Owczarek. - We managed to successfully construe a unique, on a Polish scale, Bond Issue Programme securing our investment expenditures, which will allow us for the realisation of a multiannual strategy of the Group's development compliant with the assumptions. Along with the funding obtained from multilateral Banks (a total of ca. PLN 2 bln) ENEA S.A. will secure financial funds for all its planned investments. A uniqueness of the programme is its full adaptation to the investment needs of the ENEA Group, debt service will be performed from the profits generated in the future. The structure of a long-term bond programme effectively eliminates a risk of refinancing frequently occurring in Poland - typical for the practices used in Poland for funding investments with commercial papers.

The Programme finishes on 15 June 2022, the availability period expires on 31 December 2017. The issued bonds will be straight. The Programme Agreement anticipates a possibility of issuing bonds in numerous series, the nominal value of each series will not be lower than PLN 100,000,000, and the nominal value of one bond will amount to PLN 1,000,000. These will be dematerialised bearer bonds. Within the Bond Issue Programme ENEA S.A. will be entitled to issue bonds of the total value not exceeding the Programme value, i.e. PLN 4 bln. In the particular years of the Programme availability issue limits will be in force which were adapted to the investment needs of the ENEA CG. The interest rate of the bonds is floating and determined annually based on WIBOR 6M rate plus a fixed margin. The bonds will bear interest from the issue date (inclusive) till the redemption date (exclusive).

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