GTC’s 800 million PLN bond offering was substantially oversubscribed. This was the largest single tranche of bonds sold on the Polish market by a public company. The new funds will finance expansion in the region: the acquisition of land and construction of new projects.
Globe Trade Centre S.A. has completed an 800 million PLN offering of five and seven-year coupon bonds. Demand from leading Polish institutional investors substantially exceeded the maximum size of the offering. Proceeds from the sale of bonds will be invested in the purchase of land and the construction of new real estate projects in Central and Eastern Europe.
On 25th April Globe Trade Centre S.A. (GTC) completed an 800 million PLN offering of bonds. 80 million PLN has been raised through the issuance of five-year bonds and 720 million PLN through bonds with a seven-year maturity.
The interest payable is based on the six-month WIBOR, increased by a margin, and paid every six months.
The offering was addressed to the leading Polish institutional investors: pension funds, mutual funds, asset managers and banks. The demand from these investors substantially exceeded the maximum size of the offering. This is a very strong vote of confidence in both the strategy currently being executed by GTC’s management and the growth prospects of the company.
Raising funds through the issuance of bonds will on the one hand diversify GTC’s sources of financing and on the other hand will allow greater flexibility in the allocation of capital to regional projects.
Pekao S.A. and BPH S.A. acted as arrangers of the bond offering.