Polnord decreased debt

Polnord company decreased floating debt due to buyout of own bonds.

Polnord has decreased floating debt by 241,7 mln PLN. It is all with accordance to long term plan, which is to decrease and alter terms of own indebtness.

In November Piotr Wesołowski became new CEO, while Tomasz Sznajder became vice-CEO. New board is currently implementing new strategy: debt decreasal. From the begining of 2012 company has paid back all debt (bonds), which had deadline by the end of 2012, worth 241,7 mln PLN by its own money. 120 mln PLN were collected by emitting convertible bonds. In addition, Polnord emitted additional bonds (with deadline in 2015-2016) to gather additional 201 mln PLN. These actions will grant the company financial stability for next 3-4 years.

Buyout of bonds with deadline in year 2012 and partial conversion of floating debt into long-term debt allowed Polnord to decrease floating debt in whole indebtness of the company. Polnord's CEO, Piotr wesołowski, stated that: All those actions gave us control over indebtness and gave financial stability to the company. This is crucial for planning new projects, and good that we have many of them. In Tricity we are doing 2 projects, we are under negotiations to get third. In Warsaw we are finalising negotiations with a company MS Waryński Development S.A. about cooperated project. We are under serious negotiations regarding Port Praski (docks in Praga), additionally we want to get new housing project in the Warsaw's suburb. We are negotiating big project in Cracow as well.

Tags: Polnord
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