Polnord reduces debt financing

A building in Wilanów Office Park complex
A building in Wilanów Office Park complex
Polnord has reduced short-term debt financing on account of obligations by 65,5 billion PLN.

The strategy of Polnord company is to systematically improve the structure of debt financing by changing short-term one into long-term. On January 22, the company bought and issued obligations of joint amount 65,5 billion PLN.

Maturity date of obligations happened on January 22, 2013. They were divided into three advances worth 19, 20 and 26,5 billion PLN. First two advances were purchased in anticipation on January 16 and 18. The last advance was purchased on January 22. The purchase was financed from the incomes from the new emission of three series of three-year pledged bonds of joint face value 65,6 billion PLN. Their maturity date happens in January 2016. Obligations can also enter the alternative trading system on Catalyst market.

The emission finished guarantees the company to adjust the payment of long-term financing into the schedule of implemented housing enterprises. According to the strategy announced, Polnord begins the implementation of new investing projects. As early as in Spring, we intend to put at least 3 products on sale – two in Trójmiasto and one in Ząbki near Warsaw. Moreover, at the end of the year, starts the implementation of the new investment with Waryński Development on Wola in Warsaw. We are also closing our negotiations with a partner in Cracow. The beginning of new investments will allow us to keep our tempo and the sales' rate. In 2012, we sold 906 flats ans was ranked third among the developers. In forthcoming year we want to develop and successively increase our sales in order to surpass the aim of sales in two years of selling annually 1500 flats – said President of Manging Board, Piotr Wesołowski.

Polnord also implemented the project of Wilanów Office Park, which offers over 40 000 sq meters of modern office space.

Tags: Polnord
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