24. Loans, borrowings and bonds

Non-currentCurrentTotal
31/12/2014

31/12/2013

(restated data)

31/12/2014

31/12/2013

(restated data)

31/12/2014

31/12/2013

(restated data)

Loans 5 506 4 788 985 850 6 491 5 638
Borrowings 3 1 2 - 5 1
Bonds 4 161 1 718 - - 4 161 1 718
9 670 6 507 987 850 10 657 7 357

The ORLEN Group bases its financing mainly on floating interest rates, wherein hedges that change the variable to a fixed rate are used. Depending on the currency of financing these are WIBOR, LIBOR, EURIBOR, PRIBOR and VILIBOR increased by margin. The margin reflects risk connected to financing of the Group and in case of long-term contracts depends on net debt to EBITDA ratio.

24.1. Bank loans

'- by currency (translated into PLN)/ by interest rate

   31/12/2014 

 31/12/2013

(restated data)

PLN / WIBOR  471   114 
EUR / EURIBOR 4 183  2 279 
USD / LIBOR USD  547  2 542 
CZK / PRIBOR  846   534 
CAD / LIBOR CAD  443   168 
LTL / VILIBOR  1   1 
  6 491  5 638 

As at 31 December 2014 unused credit lines increased by trade and other receivables (note ‎20) and cash and cash equivalents (note ‎22) exceeded trade and other liabilities (note ‎27) by PLN 6,929 million.
The Group hedges cash flows related to interest payments regarding external financing in EUR and USD, by using interest rate swaps (IRS).
Information regarding loans that were hedged with the Group’s assets is presented note ‎30.
In the period covered by the foregoing consolidated financial statements as well as after the reporting date there were no cases of violations of loans or interests repayment.

24.2. Bonds

'- by currency (translated into PLN)

31/12/201431/12/2013
PLN 2 020 1 718
EUR 2 141 -
4 161 1 718

'- by currency by interest rate

Fixed rate bondsFloating rate bondsTotal
31/12/201431/12/201331/12/201431/12/201331/12/201431/12/2013
Nominal value 2 231 - 1 900 1 700 4 131 1 700
Carrying amount 2 242 - 1 919 1 718 4 161 1 718

PKN ORLEN’s Supervisory Board at its meeting on 28 March 2013 approved the issuance of bonds by PKN ORLEN through a public bond issue program (Program).
 
Acting on the basis of an agreement concluded with UniCredit CAIB Poland S.A., and Powszechna Kasa Oszczędnosci Bank Polski S.A. and Bank Pekao S.A, PKN ORLEN issued four series of medium-term bonds (4 year) in 2013 with a total nominal value of PLN 700 million, aimed at retail investors. On 2 April 2014, PKN ORLEN issued the fifth series of the 4-year bonds (Series E) with a nominal value of PLN 200 million, and on 9 April 2014 the sixth series of bonds (Series F) with a nominal value of PLN 100 million.
Bonds issued under the Program are unsecured, bearer ordinary bonds, registered in the National Depository for Securities listed on the regulated market within the Catalyst platform operated by the Warsaw Stock Exchange.
As a part of non-public bond issue Program, operating on the basis of the agreement concluded with the syndicate of Polish banks in November 2006, with the maximum indebtedness of PLN 2,000 million, the Group issued 7-years coupon bonds with the nominal value of PLN 1,000 million in February 2012 and within granted limit short-term bonds to the Group’s entities are issued in order to optimize liquidity within the ORLEN Group.

Nominal
value
Subscription
date
Expiration
date
Base
rate
MarginRating
A Series 200 28.05.2013 28.05.2017 6M WIBOR 1,50% A - (pol)
B Series 200 03.06.2013 03.06.2017 6M WIBOR 1,50% A - (pol)
C Series 200 06.11.2013 06.11.2017 6M WIBOR 1,40% A - (pol)
D Series 100 14.11.2013 14.11.2017 6M WIBOR 1,30% A - (pol)
E Series 200 02.04.2014 02.04.2018 6M WIBOR 1,30% A - (pol)
F Series 100 09.04.2014 09.04.2020 Fixed interest rate 5% A - (pol)
1 000
Corporate bonds 1 000 27.02.2012 27.02.2019 6M WIBOR 1,60% -
2 000

On 30 June 2014 the special purpose vehicle ORLEN Capital AB issued debt securities with 7-year redemption period. The value of the issue was PLN 2,080 million translated using exchange rate as at 30 June 2014 (representing EUR 500 million).

31/12/2014    Nominal 
value 
Subscription date Expiration date  Base 
rate 
 Margin  Rating 
Eurobonds 2 131  30.06.2014   30.06.2021  Fixed interest rate 2.5%  BBB-, Baa3 
  2 131