PKN ORLEN has refinanced its main credit line and extended the period of available financing

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN", "Company") informs that in order to refinance its main credit line, on 25 April 2014 it signed a credit agreement with syndicate of seventeen banks ("Agreement"). The maximum debt, under the Agreement provisions, amounts to EUR 2 000 m (i.e. approximately PLN 8 406 m, based on the average EUR/PLN exchange rate as of 25 April 2014, as stated by the National Bank of Poland). The Agreement will replace the credit agreement dated 28 April 2011 with the maximum debt value of EUR 2 625 m, signed with syndicate of fourteen banks.

The debt is arranged as a club-deal type, with a group of main relational banks of ORLEN Capital Group, in which PKN ORLEN set independently with each bank from the consortium, an amount of credit exposure as well as its funding conditions. The Agreement is valid for five years with two one-year options to extend the contractual period. According to the Agreement provisions the debt is available in two tranches. The first tranche in the amount of EUR 1 500 m (i.e. approximately PLN 6 305 m, based on the average EUR/PLN exchange rate as of 25 April 2014, as stated by the National Bank of Poland) will be used for the repayment of debt from the credit agreement dated 28 April 2011. Availability of the second tranche in the amount of EUR 500 m (i.e. approximately PLN 2 102 m, based on the average EUR/PLN exchange rate as of 25 April 2014, as stated by the National Bank of Poland) depends on the Company's as well as companies from ORLEN Capital Group needs for financial resources. Provisions of the Agreement state that the Company can withdraw from using of that tranche in 6 months from the day of signing of the Agreement.

The debt can be exercised in EUR, USD, PLN, CZK and CAD. Interest rate of the credit is based on the certain base fee plus margin. Other terms and conditions of credit are also not different from market conditions.

The syndicate of banks, which signed the Agreement with PKN ORLEN, is formed by: The Bank of Tokyo-Mitsubishi UFJ, Ltd., Bank Polska Kasa Opieki S.A., ING Bank Slaski S.A., Bank Zachodni WBK S.A., BNP Paribas S.A. Branch in Poland, Credit Agricole Corporate and Investment Bank, mBank S.A.,Nordea Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Société Générale Corporate & Investment Banking, Bank Handlowy w Warszawie S.A., HSBC Bank plc, Rabobank Polska S.A., The Royal Bank of Scotland plc, Erste Group Bank AG, DNB Bank Polska S.A., Caixabank, S.A. (publ) Branch in Poland.

In accordance with the "Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state" the abovementioned agreement constitutes a "significant agreement" due to the fact that its value exceeds 10% of PKN ORLEN's equity.

Detail information on above mentioned credit agreement, which is replaced by today Agreement, were published by PKN ORLEN in the regulatory announcement 70/2011 dated 29 April 2011.

More information on page: biznes.pap.pl

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