Pannonia Bio Zrt. is considering issuing between HUF 30 billion and 50 billion in long term NKP bonds similar to the HUF 15 billion bonds that it issued in 2019, but potentially with longer tenors. The proceeds of the bonds would be used for (i) capex (in particular to ensure sufficient liquidity to complete its previously announced three year €150 million capex program), (ii) continued dividends during the implementation of this capex program and (iii) partial prepayment of some existing, shorter term loans.
In connection with sounding the market for these bonds, Pannonia forecasts a 2020 EBITDA exceeding €70 million-- notwithstanding the Covid-19 crisis.  While this forecast is made in good faith and is consistent with results already achieved in this calendar year, actual results will depend upon the crisis's continuing impacts on commodity markets and general business conditions in the European Union.