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Ciech chemicals EGM passes bond issues of up to PLN 500 mln and up to EUR 300 mln

August 29, 2012
Listed chemicals firm Ciech saw its shareholders approve issuance of up to PLN 500 mln in domestic bonds as well as up to EUR 300 mln in foreign bonds, which might be carried out in mid- or late autumn, IR officer Mariusz Babula told reporters.

"The best moment for the issue seems to be the autumn - mid or late autumn," Babula said.
Means from the issue will be used to roll over existing debt, management board member Andrzej Kopec reiterated.

"Means from the issue will be used to refinance PLN 300 mln bonds maturing in December and to reduce bank debt," he told reporters.

"The amounts we are providing are maximum amounts," Babula added. "We'll see on what markets how much we can raise and at what cost, then we will make the final decisions" as to the issue size.
Roadshow will take place closer to the issue date, the IR officer also said.

Ciech's current level of debt is around PLN 1 bln. The group has around PLN 200 mln cash at its disposal.
Ciech asked its shareholders to approve issuance of up to PLN 500 mln in domestic bonds with maturity of up to five years as well as up to EUR 300 mln in EUR-denominated bonds with maturity of up to seven years, in order to roll over existing debt, draft resolutions for the EGM on August 29 showed.
  • Status
    early redeemed
  • Country of risk
    Poland
  • Redemption (put/call option)
    *** (***)
  • Amount
    245,000,000 EUR
  • М/S&P/F
    — / — / —
Company — Ciech
  • Full name
    Ciech SA
  • Registration country
    Poland
  • Industry
    Chemical and petrochemical industry