PGG with PLN 1.217 bln bond issue

Coal producer Polska Grupa Górnicza (PGG) has issued bonds worth PLN 1.217 billion. The funds will be used to pay off the debt of the recently acquired Katowicki Holding Węglowy (KHW). The bonds have been sold in three tranches, with the longest maturity in 2028. Terms of the issue include a significant reduction of interest in the first two years, the spokesperson also said, adding the terms of the issue reflect long and difficult negotiations with the bond holders.