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PCG in a huge bond issue to refinance newly acquired unit KHW

Coal group PGG has issued new bonds worth PLN 1.217 bln in the frame of debt restructuring of the recently acquired unit KHW, the company announced in a statement on Monday.

The issue encompassess three tranches of bonds with different maturities, "with maxiumum maturity in 2028," the statement read.

The bonds were bought by banks PKO BP, BGK, BGZ BNP Paribas, BZ WBK and DZ Bank, which were guarantors of KHW bond program.

On May 18 PGG said it would refinance debt of KHW through an issue of bonds maturing in 2020 that should be concluded by mid-June. Outstanding KHW bonds were worth PLN 1.217 bln at the time. PGG also took over a PLN 80 mln working capital loan of the rival.


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