Poland's PCC Rokita to raise polyols investment funds from new bond

21 June 2012 15:21  [Source: ICIS news]

LONDON (ICIS)--PCC Rokita is aiming to raise around zlotych (Zl) 200m ($59.7m, €47.2m) of capital for investment from a new bond issuance programme, the Polish chemical company said on Wednesday.

The company plans to earmark raised sums for an unspecified further capacity boost in its polyols unit, which in April this year moved up to 100,000 tonnes/year from 70,000 tonnes/year, PCC Rokita added.

PCC Rokita, owned by Germany's PCC chemicals, energy and logistics group and based in Brzeg Dolny, southwestern Poland, would also use a proportion of the accrued capital for the ongoing conversion of its chlorine plant from mercury-based electrolysis to the more advanced and environmentally sound membrane-based electrolysis, it said.

Chlorine is used in PCC Rokita's production of propylene oxide (PO) for the manufacture of polyols.

The firm last year raised Zl 15m from a two-year bond issue which it viewed as a trial to assess whether it should go ahead with further issues in future years.

Such bond issues are being utilised to help the company meet its goal of maintaining capital expenditure (capex) at up to Zl 100m per annum, PCC Rokita said.

Apart from polyols, PCC Rokita produces chlorobenzene, chlor-alkali, surfactants, phosphorous derivatives and napthalene derivatives.

($1 = €0.79)
($1 = Zl 3.35, €1 = Zl 4.24)

By: Will Conroy
+44 20 8652 3214

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