Poland pricing $5 billion offering of notes in 10-, 30-year tranches

By Mary-Katherine Stinson

Lexington, Ky., March 28 – The Republic of Poland, represented by its Minister of Finance, is pricing a $5 billion two-tranche offering of notes, according to a 424B3 filing with the Securities and Exchange Commission and a market source.

The notes were expected to price later on Tuesday.

The $2.5 billion first tranche of long 10-year notes was launched at Treasuries plus 140 basis points after talk in the Treasuries plus 145 bps area.

The $2.5 billion second tranche of 30-year notes was launched at Treasuries plus 180 bps after talk in the Treasuries plus 185 bps area.

The notes will be redeemable at par plus interest at the sovereign’s option beginning three months and six months prior to maturity, respectively.

BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs Bank Europe SE and J.P. Morgan SE are the joint lead managers.

Citibank, NA, London Branch is the fiscal agent.

Certain legal matters will be passed upon on behalf of the Republic of Poland by or on behalf of the Director of the Legal Department at the Ministry of Finance by White & Case LLP, special U.S. counsel for the State Treasury, and by White & Case M. Studniarek i Wspolnicy – Kancelaria Prawna spk., Polish counsel for the State Treasury.

Linklaters LLP will act as counsel for the underwriters.

Proceeds will be used for Poland’s state budget borrowing requirements or for general financing purposes.

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