Bloomberg News

PKN Orlen Said to Seek $400 Million Loans to Refinance Debt

January 09, 2012

Jan. 6 (Bloomberg) -- PKN Orlen SA, Poland’s largest oil refiner, is in talks to raise about $400 million of loans, according to a person with direct knowledge of the deal.

The one-year transaction will replace an existing 300 million pound facility and pay interest at 150 basis points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private.

PKN originally considered getting $800 million of loans and the new financing will be secured against one of the company’s oil storage facilities. A spokesman for the company couldn’t be reached for comment.

Royal Bank of Scotland Plc is arranging the debt.

--Editors: Michael Shanahan, Paul Armstrong

To contact the reporter on this story: Louise Meeson in London on lmeeson@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at Fkhan33@bloomberg.net.


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