PGE takes out PLN 2.5 bln loan for investments

Polska Grupa Energetyczna (PGE) has signed a PLN 2.5 billion loan agreement with Bank Gospodarstwa Krajowego. The loan can be used for PGE's current needs and investments, with a financing period of five years, extendable by up to three years. PGE, the largest electricity and heat provider in Poland, retains a government stake of 61%.

The agreement includes conditions for maintaining a consolidated net debt to consolidated EBITDA ratio, varying based on PGE's investment-grade rating from S&P and Fitch (at least on the BBB- level) or Baa3 from Moody's. 

The loan is unsecured against any assets of the company or the PGE Capital Group. The total nominal value of all loan agreements with BGK is currently PLN 8.35 billion.

Source: polskieradio24.pl