Current reports
2012-02-15 20:44:12
Issue of series B bonds of the Warsaw Stock Exchange
Current Report No. 9/2012
Date: 15.02.2012
Topic: Issue of series B bonds of the Warsaw Stock Exchange
Legal basis: Article 56.1(2) of the Act on Offering – current and periodic information
Content:
Further to Current Report no. 30/2011, the Warsaw Stock Exchange (“WSE” or “Company” or “Issuer”) informs that on 15 February 2012 it issued 750,000 (seven hundred fifty thousand) series B bearer bonds of a total nominal value of PLN 75,000,000 (seventy five million zlotys).
The Series B Bonds were offered pursuant to the procedure set out in Article 9.1 of the Bond Law of 29 June 1995 (“Bond Law”). Series B Bonds were offered only to individual investors.
Purpose of the bond issue:
To finance WSE projects including institutional consolidation on the exchange commodities market and extension of the list of products available to investors on that market, as well as technology projects in the area of financial and commodities markets.
Institutional consolidation of the exchange-traded commodities market will in particular consists in increasing the WSE’s capital involvement in Towarowa Giełda Energii S.A. (“TGE”) by purchasing blocks of TGE shares from current shareholders.
Extending the list of commodities market products and introducing financial instruments with exchange-traded commodities as the underlying will require expenditure related to adapting the transaction systems and other integrated IT systems to handle these products and cooperate with the systems of the infrastructure institutions providing services to or cooperating with the WSE in operating in the exchange commodities sector.
Type of issued bonds:
1. The Bonds are bearer bonds.
2. The Bonds were issued under the Bond Law.
3. The Bonds have no documentary form.
4. The Bonds are not secured.
It is the intention of the Issuer to introduce the bonds to trading on the regulated market on Catalyst operated by the WSE and in the alternative trading system on Catalyst operated by BondSpot S.A.
Issue volume:
750,000 (seven hundred fifty thousand) bonds of a total nominal value of PLN 75,000,000 (seventy five million zlotys).
Nominal value of the bonds and issue price:
Nominal value of the Bonds: PLN 100 (one hundred zlotys) per bond.
The issue price of the Bonds: PLN 100.91 (one hundred zlotys ninety one grosz).
Conditions of bonds redemption and interests payment:
1. The Series B Bonds bear interest at a floating interest rate. The interest rate is the sum of WIBOR 6M and a margin. The margin of the Series B Bonds equals 1.17%.
2. Interest payment periods: semi-annual. Interest on the Series B Bonds shall be paid on dates set out in the terms and conditions of issue of the Series B Bonds as presented in the WSE Bonds Prospectus (“Prospectus”).
3. The first interest period of the Series B Bonds runs from 15 February 2012 (inclusive) until 30 June 2012 (exclusive). Each subsequent interest period of the Series B Bonds shall run from the interest payment date (inclusive) until the next interest payment date (exclusive). The actual interest payment dates may differ from those interest payment dates.
The interest periods and the interest payment dates are presented in the interest table in the terms and conditions of issue in the Prospectus. Interest for given interest periods presented therein is determined according to the rules of including and excluding interest payment dates referred to in the preceding sentences.
4. The interest rate of each interest period of the Bonds shall be determined on the day three business days before the first day of the interest period in which the interest rate shall apply. For the first interest period the interest rate equals 6.17%. If the date of determining an interest rate is a not a trading day (within the meaning set out in the Exchange Rules), the day of determining the interest date shall be the first trading day (within the meaning set out in the Exchange Rules) preceding that day.
5. The Bonds redemption date shall be 2 January 2017.
The value of the Issuer’s outstanding liabilities at the last day of the quarter preceding the disclosure of the bond offer and the outlook of the issuer’s liabilities until the complete redemption of the offered bonds:
At 31 December 2011, the estimated value of the WSE Group’s liabilities under the IFRS was PLN 207,275,000 (two hundred seven million two hundred seventy five thousand zlotys), of which PLN 170,226,000 (one hundred seventy million two hundred twenty six thousand zlotys) were liabilities in respect of the Series A Bond issue, and the estimated value of the Issuer’s liabilities was PLN 203,381,000 (two hundred three million three hundred eighty one thousand zlotys).
The final value of the liabilities will be published in the Issuer’s 2011 annual report.
The value of liabilities in respect of the Series B Bond issue at 15 February 2012 under the IFRS was PLN 75,677,000 (seventy five million six hundred seventy seven thousand zlotys).
The outlook of the liabilities until the complete redemption of the bonds should be assessed on the basis of the declarations and information provided by the Issuer as a public company according to the procedure and the rules set out in the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies of 29 July 2005 (“Act on Offering”).
Information enabling potential buyers of bonds to understand the results of the project to be financed with the bond issue and the issuer’s ability to meet the obligations arising from the bonds, if the project has been defined:
The results of the Issuer’s projects and the Issuer’s ability to meet the obligations arising from the bonds should be assessed on the basis of the declarations and information provided by the Issuer as a public company under the procedure and the rules set out in the Act on Offering.
Legal basis:
§ 5.1.11 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by issuers of securities and on conditions under which information required by legal regulations of a third country may be recognised as equivalent.
Signatures of the Warsaw Stock Exchange Representatives:
Ludwik Sobolewski - President of the Management Board
Lidia Adamska - Management Board Member