Tauron Raises USD560 Million in Private Placement of 2.375% Bonds Due 2027

Published: Jun 14 2017
Deal Summary

Tauron Polska Energia S.A. (formerly Energetyka Poludnie S.A), an electric utility company, has completed the private placement of 2.375% euro bonds due 2027, for gross proceeds of EUR500 million (USD560 million). Interest on bonds will be paid annually. The bonds will be listed on the London Stock Exchange.

More than thirty investors subscribed for the euro bonds. Based on investor type the issue’s breakdown is as follows: 83% of the issue was purchased by asset management entities, 12% by insurers and pension funds, while the remaining of the offering was allocated mainly to the banks.

The company intends to use its net proceeds for the purpose of refinancing the costs of developing and acquiring wind farms by one of the group’s companies, financing the group’s investments in the distribution segment and general corporate purposes.

JP Morgan, Mitsubishi UFJ Financial Group and Banco Santander acted as book runners to the company for the offering.

Deal History:

Pricing: On June 28, 2017, Tauron priced the private placement of 2.375%bonds due 20247 for gross proceeds of EUR500 million (USD560 million).

Announced: On June 14, 2017, Tauron intends to issue bonds in private placement for gross proceeds of EUR500 million (USD560 million).

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