Polnord offers bonds of the value not exceeding 50 million zlotys

Polnord SA presented an offer of bonds of the value not exceeding 50 million zlotys within a program of bond issue up to an amount of 100 million zlotys. The planned offer pertains 3-year corporate bonds which are mainly aimed at retail investors.

The bonds of Polnord are characterized by interest based on 3-month WIBOR increased by 3.5-per cent margin. At the present level of WIBOR, it indicates interest of bonds above 5 per cent within a year and thus it exceeds the most traditional deposits. Bond interest will be paid out on a quarterly basis. The organizer of the bond issue is Brokerage House of mBank SA and mBank SA whereas the legal consultant is Allen & Overy, A. Pędzich LLP.


The means from the bond issue will be intended for further development of a partnership, especially for a change of financing structure of the group and purchase of new areas mainly located in Warsaw. The records for bonds within the public offer will start on 8th June and end on 19th June 2015. The allocation of papers was planned on 22th June 2015 and the envisaged date of issue falls on 2nd July 2015. The bonds are not secured and they are denominated in zlotys. 


Polnord Group is successfully decreasing the level of debt burden. In 2014, it executed a plan of decreasing of net debt to the level of 425 million zlotys. The plan for 2015 is to decrease indebtedness by next 50 million zlotys. 


The enterprise has 38-year experience in investment, developer and construction activities. It is realizing building projects in Warsaw, Łódź, Gdańsk, Gdynia, Sopot, Olsztyn, Szczecin and Wrocław. The offer includes flats, apartments as well as service and office premises. The partnership has been recorded on the Warsaw Stock Exchange since 1999 and it is also a founder member of Polish Union of Development Companies.


Tags: Polnord
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