Poland's PKN Orlen pulls its €1 billion seven-year senior unsecured issue

By Aaron Hochman-Zimmerman

New York, July 10 - PKN Orlen placed on hold its proposed issue of €1 billion seven-year senior unsecured notes (Baa3), according to a market source.

Price talk had been set at mid-swaps plus 100 basis points.

PKN Orlen does intend to reintroduce the deal under more suitable market conditions, according to a statement released by the company.

ABN Amro, BNP Paribas, Citigroup and SG Corporate & Investment Banking were mandated as the bookrunners. ING and Unicredit were joint leads.

The Polish government owns a 27% stake in the company in the Plock, Poland-based refining and petrochemical company.

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