Polski Holding Nieruchomości (PHN) has issued 4-year bonds with a total value of PLN 325 million, the company said. The funds from the issue will be allocated by the company to the investment program.
The bond issue was carried out as part of the seven-year program established last year with a total nominal value of up to PLN 1 billion. In 2019, PHN carried out the first issue of 4-year bonds with a total value of PLN 160 million, it was reported.
“We are very pleased that our next issue has been received so favorably by investors, which confirms that we are on the right track, and that our company and its investment program are highly valued even in such difficult times of the pandemic” – said the president PHN Marcin Mazurek, quoted in the release.
“On favorable terms, we obtained financing for the implementation of our ambitious investment program. The company has strong foundations that allow for further dynamic growth. We want to allocate the proceeds from the issue to finance our key commercial investments, such as the SKYSAWA and Intraco Prime office buildings in Warsaw, or the rapidly growing segment housing “- he added.
The banks servicing the bond issue program are PKO Bank Polski, Bank Pekao, BNP Paribas Bank Polska and Santander Bank Polska. Series B bonds, each with a nominal value of PLN 1,000, are unsecured bonds, maturing in December 2024. They bear interest at a variable interest rate equal to WIBOR 6M plus a margin of 2.95%, it was recalled.
Polski Holding Nieruchomości (PHN) is one of the largest entities in the commercial real estate sector in terms of portfolio value. Since 2013, PHN has been listed on the WSE. In 2019, it had PLN 171.9 million of consolidated rental income.
