Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN") hereby informs that in order to optimize the management of financial liquidity within the PKN ORLEN Capital Group, on 18 November 2010 PKN ORLEN issued short term bonds to its subsidiary, ORLEN Upstream Sp. z o.o. („ORLEN Upstream”). The bonds were issued in accordance with the Bond Issue Programme signed by PKN ORLEN and a syndicate of 6 banks in November 2006.
The bonds are used for managing the working capital of PKN ORLEN Capital Group.
The bonds were issued in compliance with the Law on Bonds dated 29 June 1995 (unified text: Journal of Laws, 2001 No 120, point 1300 with subsequent changes) in Polish zlotys, as bearer, dematerialized, unsecured, and zero-coupon securities. The redemption of the bonds will be at their nominal value.
The bonds purchased today by ORLEN Upstream were issued by PKN ORLEN with the following issue conditions:
Series: ORLEN402171210; value of the bond issue PLN 7 000 000 composed of 70 bonds with a nominal value of PLN 100 000 per bond.
- Date of issue: 18 November 2010
- Redemption date: 17 December 2010
- Yield on bonds: based on market conditions, unit nominal price amounted to PLN 99 710.00.
PKN ORLEN owns 100% of the registered capital of ORLEN Upstream.
See also: regulatory announcement no 75/2006 dated 27 November 2006.