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The Warsaw Voice » Business » September 18, 2018
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Big credit for power group
September 18, 2018   
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Henryk Baranowski
Listed power group PGE inked a PLN 4.1 billion credit deal with banks PKO BP, Italian Intesa Sanpaolo, Dutch MUFG Bank and Santander Bank Polska to finance its ongoing activity as well as investment program, the company said in a market filing.
A portion of the funds will go to PGE's 2016-2020 investment program for upgrades of generation, heat and distribution assets as well as to refinancing existing facilities, CEO Henryk Baranowski told reporters.
"The PGE group continues to finance its activities in a large part from current operations, Baranowski said. "We currently are pursuing an investment program for 2016-2020 worth PLN 34 billion, which nonetheless requires outside financing."
PGE continues to seek a "balance structure" for its financing allowing "flexible" management of financial costs, VP Emil Wojtowicz added, citing intentions to utilize bank credits, bond programs, and facilities from state development bank BGK and multi-laterals.
PGE will be able to tap into the financial resources granted under the credit deal on the 90th day following signing the agreement, the filing specified.
The final repayment deadline was scheduled for December 16, 2022.
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