Bonds

PLN series B Bonds

Key Information

Issuer:  Cyfrowy Polsat S.A.  
Series/ISIN: Series B, PLCFRPT00047 (CPS0426)  
Stock Exchange: Catalyst (ASO GPW) 
Nominal value: PLN 1,000  
Number of listed bonds: 308,048  
First and last days of interest periods: April 26 and October 26 (excl. the last interest period where the last day is April 24)  
Interest: variable  
WIBOR 6M + 175 bps  if leverage ratio <3.5x
WIBOR 6M + 200 bps if leverage ratio  3.5-4.0x
WIBOR 6M + 250 bps if leverage ratio >4.0x
Maturity: April 24, 2026
Method of offering bonds: public offer to professional clients
Security: none  
Call Schedule: Date: Call price:
  until April 26, 2020  103.00%
  until April 26, 2021  101.50%
until April 26, 2022 100.75%
until April 26, 2023 100.50%
after April 26, 2023 100.00%

Documents related to the issue of series B Bonds

PLN series C Bonds

Key information

Issuer: Cyfrowy Polsat S.A.
Series/ISIN: Series C PLCFRPT00054 (CPS0227)
Stock Exchange: Catalyst (ASO GPW)
Nominal value: 1,000 PLN
Number of listed bonds: 164,009
First and last days of interest periods:

14 February and 14 August (excl. the last interest period where the last day is 12 February)

Interest: variable
WIBOR 6M + 165 bps if leverage ratio is lower or equal to 3.5x
WIBOR 6M + 190 bps if leverage ratio is higher than 3.5x but lower or equal to 4.0x
WIBOR 6M + 240 bps if leverage ratio is higher than 4.0x
Maturity: 12 February 2027
Method of offering bonds: public offer of securities directed solely to professional investors
Security: unsecured
Purpose of the issuance: Refinancing the costs incurred by the Issuer and its subsidiaries in the years 2017-2019 to improve their energy efficiency, reduce the number of used electronic components and thereby reduce the carbon footprint of the Issuer and its subsidiaries, in line with the Green Bond Framework available at the Issuer’s web site and positively verified for compliance with the Green Bond Principles 2018, as confirmed in an independent expert opinion (Second Party Opinion).
Call Schedule: Date: Call price:
until13 February 2021 103.00%
  from 14 February 2021 until 13 February 2022 101.50%
from 14 February 2022 until 13 February 2023 100.75%
from 14 February 2023 until 13 February 2024 100.50%
from 14 February 2024 100.00%

Documents related to the issue of series C Bonds

PLN series D Bonds

Key information

Issuer: Cyfrowy Polsat S.A.
Series/ISIN: Series D PLCFRPT00070 (CPS0130)
Stock Exchange: Catalyst (ASO GPW)
Nominal value: 1,000 PLN
Number of bonds: 2,670,000
First and last days of interest periods:

11 January and 11 July

Interest: variable
WIBOR 6M + 335 bps if leverage ratio ≤3.5x
WIBOR 6M + 385 bps if leverage ratio >3.5x and ≤4.5x
WIBOR 6M + 435 bps if leverage ratio >4.5x
If the value of the Sustainability-Linked KPI for 2026 is lower than the SPT or the Issuer fails to provide a settlement of the SPT as part of the first Compliance Certificate made available after the end of 2026, the interest rate will be permanently increased by 25 bps
Maturity: 11 January 2030
Sustainability-Linked KPI: Share of electric energy produced from zero-emissions sources in the total electric energy usage for own needs of the four main operating companies of Polsat Plus Group (Cyfrowy Polsat, Telewizja Polsat, Polkomtel and Netia)
Sustainability Performance Target (SPT):

30% in 2026

Method of offering bonds: public offer to professional clients
Purpose of the issuance: not specified
Security: none
Call Schedule: Date: Call price:
until 10 January 2024 103.00%
  from 11 January 2024 to 10 January 2025 101.50%
from 11 January 2025 to 10 January 2026 100.75%
from 11 January 2026 to 10 January 2027 100.50%
from 11 January 2027 100.00%
in each case increased by 0.25% p.a. for the period between the Early Redemption Date and the Redemption Date in the event that the SPT is not satisfied or the SPT settlement is not submitted as part of the first Compliance Certificate after the end of 2026, if the Early Redemption Date falls after the date on which the Compliance Certificate for 2026 was delivered or was to be delivered

Documents related to the issue of series D Bonds

Ratings

corporate rating of the Grouplatest review
S&P Global Ratings BB, stable Decemebr 21, 2022
Moody's Ba3, negative October 5, 2022

Analysts responsible for Cyfrowy Polsat's credit ratings:

Standard & Poors
Natalia Arrizabalaga
e-mail: natalia.arrizabalaga@spglobal.com  
https://www.spglobal.com 

Moody's
Ernesto Bisagno
e-mail: ernesto.bisagno@moodys.com 
http://www.moodys.com

Framework ESG

We want to create the value of Polsat Plus Group in a sustainable manner, taking into account and addressing environmental and social issues, and conducting our business responsibly and transparently, to the benefit of local society and all stakeholders. Specifically, we believe that the transition towards clean and affordable energy, in particular energy produced from renewable sources, is what Poland needs and that it creates new development opportunities for the Group.

Cyfrowy Polsat was the first company in Poland outside of the banking sector to issue, in February 2020, corporate green bonds denominated in Polish zloty (PLN), with the proceeds from the bond issue, amounting PLN 1.0 billion, being used for refinancing the pro-environmental projects, including improvement of energy efficiency of our infrastructure or reduction of the carbon footprint associated with the electronic devices manufactured by us.

By establishing the Sustainability-Linked Financing Framework dated September 2022, we aim to communicate to our investors and all stakeholders our sustainability strategy plan and especially the environmental focal points of our business plan, in particular around our ambition to fight against climate change and improve air quality in Poland by taking actions and making investments to help accelerate Poland’s transition towards green energy. Moreover, by incorporating sustainability-linked instruments in our funding policy, we aim at broadening our commitment to drive the effort to fight global warming. To showcase the central role in the transition towards a sustainable economy, we have the ambition and commitment to use this Framework to issue future debt instruments in sustainability-linked format across both loans and bonds going forward.

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Sustainability-Linked Financing Framework

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Sustainability-Linked Financing Framework - Second-Party Opinion

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Last updated 01/19/2023