PGNiG euro 800 million eurobond issue described as "a significant success"

Polish Oil and Gas (PGNiG) has completed the sale of eurobonds valued at eur o 800 million. The issue of the 5-year bonds, which carry an annual interest rate of 6.75%, was heavily oversubscribed, but the level of euro 800 million was the maximum approved by the Treasury Ministry. Commenting on the bond is sue, chairman of PGNiG Andrzej Lipko said during a press conference yesterda y, "At the time of launching the eurobond issue, the demand book was closed ... at the amount of euro 1.4 billion. It has been a significant success." P GNiG plans to use the funds raised from the issue to finance the restructuri ng of its debts, and to invest in such key projects as the Baltic Pipe gas p ipeline from Denmark to Poland. (Prawo i Gospodarka, p. 4) M.T.