New Issue: Poland’s PKN Orlen prices €750 million 2½% notes due 2023 at mid-swaps plus 260 bps

By Christine Van Dusen

Atlanta, June 2 – PKN Orlen priced €750 million 2½% seven-year notes (Baa3//BBB-) at 98.727 to yield 2.702%, or mid-swaps plus 260 basis points, a market source said.

BNP Paribas and Societe Generale CIB were the global coordinators and – along with Citigroup, ING, PKO BP, Santander and UniCredit – the joint lead managers and bookrunners for the Regulation S deal.

The issuer is an oil refiner based in Warsaw.

Issuer:	PKN Orlen
Amount:	€750 million
Maturity:	June 7, 2023
Description:	Notes
Bookrunners:	BNP Paribas, Societe Generale CIB, Citigroup, ING, PKO BP, Santander UniCredit
Coupon:	2½%
Price:	98.727
Yield:	2.702%
Spread:	Mid-swaps plus 260 bps
Trade date:	June 1
Settlement date:	June 7
Ratings:	Moody's: Baa3
	Fitch: BBB-
Distribution:	Regulation S

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