PKN ORLEN has refinanced its credit lines

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") informs that in order to refinance its credit lines, on 28 April 2011 it signed a credit agreement with syndicate of fourteen banks (“Agreement”). The maximum debt, under the Agreement provisions, amounts to EUR 2 625 m (i.e. approximately PLN 10 330 m, based on the average EUR/PLN exchange rate as of 28 April 2011, as stated by the National Bank of Poland). The Agreement will allow to replace in advance the following credit lines that fall due in 2011-2012 and are currently available for PKN ORLEN:

- multi-currency debt in the amount of EUR 1 000 m, given by syndicate of eleven banks in December 2005,
- revolving credit facility in the amount of EUR 800 m, given by syndicate of eight banks in November 2006,
- syndicated debt in the amount of EUR 300 m, given by syndicate of six banks in January 2008,
- multi-currency revolving credit facility in the amount of EUR 325 m, given by syndicate of seven banks in August 2008.

The Agreement will also allow to assure of additional financial resources in the amount of EUR 200 m (i.e. approximately PLN 787 m, based on the average EUR/PLN exchange rate as of 28 April 2011, as stated by the National Bank of Poland).

The debt is arranged as a club-deal type, with a group of main relational banks of ORLEN Capital Group, in which PKN ORLEN set independently with each bank from the consortium, an amount of credit exposure as well as its funding conditions. The Agreement is valid for five years with two one-year options to extend the contractual period. The debt can be exercised in EUR, USD, PLN and CZK. Interest rate of the credit is based on WIBOR/EURIBOR/LIBOR/PRIBOR plus margin. According to the Agreement’s provisions the level of credit costs for PKN ORLEN will result from the level of net debt/EBITDA ratio. Other terms and conditions of credit are also not different from market conditions.

Funds from the debt facility will be used for the repayment of the currently held foreign currency debt and for financing of the activity of PKN ORLEN as well as companies from ORLEN Capital Group.

The syndicate of banks, which signed the Agreement with PKN ORLEN, is formed by: The Bank of Tokyo-Mitsubishi UFJ, Ltd., Bank Polska Kasa Opieki S.A./UniCredit Bank Austria AG, Nordea Bank Polska SA, ING Bank N.V.Dublin Branch/ING Bank Slaski S.A., BNP Paribas, BRE Bank S.A., DnB NOR Bank ASA/Bank DnB NORD POLSKA S.A., Credit Agricole Corporate and Investment Bank, S.A. Branch in Poland, Bank Zachodni WBK S.A., Bank Handlowy w Warszawie S.A., Erste Group Bank AG, Rabobank Polska S.A., Société Générale Corporate & Investment Banking and Skandinaviska Enskilda Banken AB (publ).

In accordance with the “Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state” the abovementioned agreement constitutes a “significant agreement” due to the fact that its value exceeds 10% of PKN ORLEN’s equity.

Detail information on above mentioned credit agreements, which are replaced by today Agreement, were published by PKN ORLEN in the following current and periodic reports: regulatory announcement 77/2005 dated 23 December 2005, regulatory announcement 76/2006 dated 29 November 2006, regulatory announcement 73/2007 dated 21 December 2007 and consolidated annual financial statement of ORLEN Capital Group for 2010, published on 31 March 2011.