In November 2015, TAURON signed an agreement with a bank consortium to form a bond issue programme totalling PLN 6.27 billion.

Its value may increase to PLN 6.5 billion. Under the agreement, until 31 December 2020 the Company may conduct multiple issues of unsecured bonds.

Bond issue proceeds will be allocated to underwrite the TAURON Group’s investment programme, to refinance its debt and finance general corporate expenses.

 

Value of issued bonds as at 31 December 2015

Issuer Tranche/
Bank
Redemption date Currrency As at balance sheet date of which maturing within
(after the balance sheet date):
Interest accrued Principal at amortised cost up to 3 months 3-12 months 1 – 2 years 2-5 years Over 5 years
TAURON Polska Energia S.A. C 12 December 2016 PLN 4 389 2 998 938 2 249 203 749 735
BGK* 20 December 2019 PLN 106 99 836 99 836
20 December 2020 PLN 106 99 823 99 823
20 December 2021 PLN 106 99 815 99 815
20 December 2022 PLN 106 99 808 99 808
20 December 2023 PLN 106 99 802 99 802
20 December 2024 PLN 106 99 800 99 800
20 December 2025 PLN 106 99 796 99 796
20 December 2026 PLN 106 99 792 99 792
20 December 2027 PLN 106 99 790 99 790
20 December 2028 PLN 97 99 790 99 790
20 December 2020 PLN 12 70 000 70 000
20 December 2021 PLN 12 70 000 70 000
20 December 2022 PLN 12 70 000 70 000
TPEA1119 4 November 2019 PLN 7 508 1 749 043 1 749 043
TAURON Sweden Energy AB (publ) 3 November
2029
EUR 1 921 709 495 709 495
Total debentures       14 905 6 665 528 2 249 203 749 735 2 018 702 1 647 888

 

*Bank Gospodarstwa Krajowego

 

Bonds in tranche C due December 12, 2016,  were classified as short term liabilities with maturity of up to three months as of December 31, 2015, due to planned earlier redemption. The aforementioned bonds were redeemed on February 29, 2016, with more details presented in Note 53 to this financial report.

Value of bonds issued as of December 31, 2014

Issuer Tranche/
Bank
Redemption date Currrency As at balance sheet date of which maturing within
(after the balance sheet date):
Interest accrued Principal at amortised cost up to 3 months 3-12 months 1 – 2 years 2-5 years Over 5 years
TAURON Polska Energia S.A. B 12 December
2015
PLN 485 299 716 299 716
B 30 January 2015 PLN 2 287 150 000 150 000
C 12 December 2016 PLN 4 849 2 997 442 2 997 442
BGK* 20 December 2019 PLN 115 99 797 99 797
20 December 2020 PLN 115 99 791 99 791
20 December 2021 PLN 115 99 787 99 787
20 December 2022 PLN 115 99 784 99 784
20 December 2023 PLN 115 99 781 99 781
20 December 2024 PLN 115 99 781 99 781
20 December 2025 PLN 115 99 780 99 780
20 December 2026 PLN 115 99 777 99 777
20 December 2027 PLN 115 99 776 99 776
TPEA1119 4 November
2019
PLN 7 953 1 748 810 1 748 810
TAURON Sweden Energy AB (publ) 3 December 2029 EUR 1 923 709 276 709 276
Total debentures       18 532 6 803 298 150 000 299 716 2 997 442 1 848 607 1 507 533

 

*Bank Gospodarstwa Krajowego

 

Bonds issued by the parent company are dematerialized. The papers are unsecured with a variable interest based on variable rate and a fixed margin. Coupon is paid semi-annually and based on WIBOR 6M rate.

Change in bonds without interest accounted for in the balance sheet for the year ending on December 31, 2015 and a comparable period is presented in the following table.