ENEA's new bond issue programme

The Company has a new bond issue programme up to the maximum amount of PLN 5 billion. ENEA S.A. concluded an agreement in this subject with four banks: PKO BP, ING Bank Śląski, Pekao S.A. and mBank. The proceeds coming from new issues will be used as needed by ENEA, for the implementation of the investments described in the corporate strategy and for the financing of the current operations of the Group entities. 

The bonds issued within the programme will be dematerialised, discount or coupon, straight bonds. The nominal and issue value of one bond will be set subject to the conditions of a particular series issue. The interest or discount rate will be set individually for each tranche during the process of offering bonds to investors. The maturity date may be from 1 month to 10 years. Pursuant to the provisions of the agreement the bonds may be dematerialised in the National Depository for Securities and then may be traded in an alternative system within markets conducted by BondSpot or Warsaw Stock Exchange.

"The programme was prepared in such a way which enables the issue at any moment, in a short period of time. We will use the funds obtained this way for acquisitions which are specified in our strategy. We are constantly monitoring the market, but we do not know yet when, what and at what price we will make purchases. The issue offer will be targeted at institutional investors and on the Polish market there are players who may be interested in such debt securities”- says Dalida Gepfert, Vice-President of ENEA S.A. for Financial Affairs.

The banks were appointed bond dealers. The function of the calculation agent, payment agent and depositary will be held by ING Bank Śląski. The other banks, besides the role of dealers, will be also sub-agents for payment and sub-depositaries. Additionally, PKO BP will be the technical agent in the programme.

"I am calm as for our future bond issues, since the energy sector gained a great confidence of investors and analysts. This is a stable sector, has a good cash flow, efficient investments and a good brand. ENEA's reliability as a partner is also growing. It was noticed by e.g. Fitch rating agency, which again issued the BBB rating. It is a sign of confidence also for our future financial position” – adds Mrs. Gepfert.

The Agreement has been executed for an indefinite period of time. The Company, if the issue is conducted, will incur standard costs connected with this type of financing including the remuneration of bondholders (interest or the discount amount) and the banks' remuneration (dealer commission). For 2014-2020 ENEA Group plans investments in the amount of PLN 20 billion, including ca. PLN 7.7 billion for additional development plans within RES, cogeneration sources and heating networks.