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The Warsaw Voice » Business » June 20, 2014
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JSW will open PLN/USD bond program to finance investments
June 20, 2014   
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Coal and coking firm JSW will seek shareholder approval for a bond program of up to PLN 1.175 billion plus USD 390 million, the firm said on Wednesday.

In the multi-tranche program of secured bonds, JSW can issue any portion of the USD-tranche in zloty, the resolution states. Maturities will run to maximum end-2020. Management will be empowered to set remaining terms.

Funds will first go to fund the recently agreed acquisition of the Knurow-Szczyglowice coal mine from the troubled state-owned coal mining group Kompania Weglowa for PLN1.49 billion.

Later tranches will fund CAPEX, including investments at Knurow-Szczyglowice running to end-2015, plus investments at a series of JSW mines, the justification to the resolution shows.

The bonds will be sold in private issue and not subject to market trade, management said in its resolution.
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