Enea secures agreement for 5 billion PLN hybrid bond program

Polish energy group Enea has signed a program agreement with Bank Gospodarstwa Krajowego, Bank Pekao, and PKO BP to issue hybrid bonds up to a total value of 5 billion PLN. The agreement allows for multiple issuances within this limit.

Hybrid bonds are structured such that they can be treated as equity by rating agencies or financial institutions, meaning they do not increase balance sheet debt to the same extent as standard bank loans or traditional bonds. The maturity for these instruments is typically long-term or indefinite.

Enea plans to conduct its first issuance, with a nominal value not exceeding 2.5 billion PLN, either before the end of 2026 or in the first half of the following year. The bonds will feature a variable interest rate based on the WIBOR 6M rate or a new equivalent reference rate plus a margin. The public offering will be directed exclusively to qualified investors and subsequently introduced to an alternative trading system.