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ENEA obtains funding for the modernisation of power networks

On 20 June ENEA S.A., ENEA Operator Sp. z o.o. and Nordea Bank Polska S.A. concluded a Programme Agreement regarding the bond issue programme. The value of the programme is PLN 1,425 mln. The funds gained from the issue will be designated for the funding of a multiannual investment plan tasks: modernisation and extension of the power grids of ENEA Operator Sp. z o.o.

The bond issue programme up to the amount of PLN 1,425 mln was established till 18 October 2029 and the period of its availability expires on 18 October 2014. Nordea Bank Polska will be the Issue Agent, Payment Agent and Depositary.

The Programme Agreement provides for a possibility of performing bond issue in a maximum of 10 series, each of the minimum nominal value of PLN 100 mln. The value of the last series will be determined separately. The bonds will be dematerialised. ENEA Operator Sp. z o.o. may select a fixed or floating interest rate for a given bond series subject to the terms specified in the Programme Agreement. The bonds will bear interest from the issue till the date of redemption.

On 19 June 2013 ENEA S.A. concluded a loan agreement with the European Investment Bank (EIB). The value of the agreement is PLN 475 mln. The funds gained from the loan, similarly to the funds from the bond issue, will be designated for the funding of a multiannual investment plan tasks: modernisation and extension of the power grids of ENEA Operator Sp. z o.o. The loan repayment period is 15 years from the disbursement of the funds. The loan will be used in maximum 4 tranches. ENEA S.A. has the right to select either a fixed or floating interest rate for each of the tranches.

The previous loan agreement with the European Investment Bank, valued PLN 950 mln, was concluded on 18 October 2012.

- Another agreement with the European Investment Bank and the bond issue programme are compliant with the strategy we realise, the pillar of which is ensuring a long-term, full funding for the investment programme till 2022 - emphasizes Dalida Gepfert, Member of the Management Board for Financial Affairs of ENEA S.A.

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