PKP grabs zl. 700 million credit from bank consortium
Polish State Railways (PKP) will receive zl.700 million short-term credit
from a bank consortium consisting of Citibank (Poland), Bank Handlowy SA,
Dresdner Bank Luxemburg SA, Westdeutsche Landesbank Girozentrale, and
Westdeutsche Landesbank Polska SA, according to an agreement signed by PKP
and the consortium. The consortiums offer was evaluated as the most
desirable by representatives of PKP, the Ministry of Finance, the Ministry
of Transport, and the Polish Securities and Exchange Commission. Four other
bank consortia took part in the tender. Assets from that credit are to be
spent paying PKP's other financial obligations, such as overdue payments to
Social Insurance Company (ZUS) and supplemental fares for some regional
passenger transportation service. The credit is to be paid within a year.
Money for that will to be obtained from an issue of PKP bonds worth zl.1.7
billion. Those bonds, guaranteed by the State Treasury, will be to be issued
in 4 installments in the second half of the year 2001 and the first half of
the year 2002. (Prawo I Gospodarka, p.2) A.D.
