Poland's PGNiG selects bookrunners for PLN 3 billion note offering

By Christine Van Dusen

Atlanta, June 10 - Poland-based Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) mandated Bank Pekao, ING Bank Slaski, PKO Bank Polski, Bank Handlowy w Warszawie SA, Societe Generale and BNP Paribas for a planned note issue totaling up to PLN 3 billion, according to a company statement.

The bonds will carry maturities ranging from one month to one year.

Proceeds from the first bond issue will be used to repay a multi-currency credit facility maturing on July 27. Proceeds from subsequent issues will be used for investment projects.

"PGNiG intends to increase its expenditure on oil and gas exploration, both in Poland and abroad, to over PLN 900 million," the statement said. "Additional funds will also be applied toward shale gas exploration in Poland."

PGNiG is a natural gas company based in Warsaw, Poland.

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