“By deleveraging and increasing the financial liquidity, GTC demonstrates strong improvement, especially in view of the volatile market environment. GTC will continue the efforts for implementing its business plan including development of its key selected projects,” – explains Erez Boniel, GTC’s Finance Director.

GTC had proposed investors to prolong the maturity of some of the existing bonds by way of acquiring new bonds in exchange for existing ones. The proposal was directed to selected institutional investors who were the bondholders of the bonds issued by GTC in 2007 and 2008.

As a result of the acceptance of the proposal by the bondholders, GTC issued bearer, unsecured bonds in the total nominal value of approximately PLN 206,000,000. The bonds will be amortized over 2017 and 2018 in 3 equal tranches with the final maturity 30 April 2018.

The interest on the bonds issued today is based on the 6M WIBOR and a 4% p.a. margin set forth in the terms and conditions of the bonds. With the aim of further deleveraging GTC has decided to purchase for redemption purposes additional bonds with a value of approximately EUR 17m at an average price approximately 98% of its nominal value.

GTC plans to list the new bonds on Catalyst by January 2013.