54/2016: Subscription for the First Issue Bonds − Summary − correction of a current report
The Management Board of PBG S.A. (the “Company” or “PBG”) announces a correction of Current Report No. 54/2016 of November 30th 2016. The correction is necessary as Section 10 presented an incorrect subscription value, understood as the product of the number of offered securities and the issue price.
Report No. 54/2016 reads:
- subscription value (product of the number of the offered securities and the issue price):
PLN 388,795,000.00.
and should read:
- subscription value (product of the number of the offered securities and the issue price): PLN 576,700,500.00.
Thus, after this correction, the full text of Current Report No. 54/2016 is as follows:
Further to Current Report No. 34/2016 of November 9th 2016, the Management Board of PBG S.A. (the “Company” or “PBG”) announces that on November 29th 2016 it received from Pekao Investment Banking S.A. information summarising the subscription for the First Issue Bonds issued by PBG.
The invitation to acquire the Bonds was addressed to the Company’s Eligible Creditors classified under the Arrangement in Group 1, Group 3, Group 4 and Group 5, as partial satisfaction of their Arrangement Claims, on the following terms:
1) Subscription period: November 15th–November 28th 2016;
2) Allotment date: November 28th 2016;
3) Issue date: November 29th 2016;
4) number of the First Issue Bonds covered by the subscription: 5,767.005;
5) number of the First Issue Bonds covered by subscription orders and allotted: 3,887.950;
6) subscription price: PLN 100.00 per Bond;
7) number of entities that subscribed for the Bonds: 42, including one entity classified in both Group 1 and Group 4, as well as 41 Group 5 entities (the Groups as defined under the Arrangement);
8) number of entities that have been allotted the Bonds: as above;
9) the Company has not concluded any underwriting agreement with respect to the Bonds;
10)subscription value (product of the number of the offered securities and the issue price): PLN 576,700,500.00;
The total cost of the Bonds issue, including the cost of preparing and conducting the offering, underwriters’ fees, preparation of the prospectus (together with the cost of advisory services), promotion of the offering, and the average offering cost per Bond offered will be announced in a separate current report following the last issue under the Programme.
Successful issue of the Bonds has given rise to PBG’s obligation whose performance is secured as described in Current Report No. 26/2015 of August 2nd 2015 and subsequently in Current Report No. 34/2016 of November 9th 2016. The security includes:
a) registered pledge over 7,665,999 RAFAKO shares (in book-entry form) owned by the Company, representing 9.026% of the share capital and total voting rights at the General Meeting of RAFAKO;
b) registered pledge over 34,800,001 RAFAKO shares (in book-entry form) owned by Multaros Trading Company Limited, a subsidiary of the Company, representing 40.974% of the share capital and total voting rights at the General Meeting of RAFAKO;
This first-ranking security created in favour of the Arrangement Creditors that subscribe for the Bonds, for up to PLN 1,065,000.000.00 (i.e. 150% of the maximum value of the Programme), will be valid from the Bonds issue date to the date of the expiry of the Secured Claims.