Profil:
KGHM Polska Miedź SAKGHM copper decides to redeem B-series bonds and issue D-series bonds in December
Listed copper group KGHM's management board has decided on the premature redemption of all 1,600,000 B-series bonds issued on June 27, 2019, worth PLN 1.6 billion (EUR 376.64 mln), and on the issuance of D-series bonds totalling up to PLN 1.6 billion (EUR 376.64 mln), which is to happen in December 2025, KGHM announced in a market filing.
"Pursuant to the adopted resolution, the earlier redemption of B-series bonds will take place on the day of interest payment, which falls on December 27, 2025, and payment due to earlier redemption will be made on the closest working day, that is on December 29, 2025," KGHM said in the market filing.
The group said that the day of determining the right to benefits due to earlier redemption of B-series bonds will be December 16, 2025.
Earlier redemption of B-series bonds will be made by paying the nominal value of B-series bonds increased by the amount of interest accrued until December 27, 2025, and the amount of premium equal to 1.1 percent of the nominal value of these bonds.
As the group pointed out, it aims to finance the redemption of B-series bonds with funds acquired by the issuance of D-series bonds.
KGHM's D-series bonds will be issued in December 2025 under the bonds issuance programme to the tune of PLN 4 billion (EUR 941.6 mln), which was announced in the market filing dated May 29, 2024.
The total nominal value of this issue will not exceed PLN 1.6 billion (EUR 376.64 mln). The unsecured ordinary bearer bonds will bear an interest rate of WIBOR 6M plus a margin and will mature in 7 years from the issuance date.
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