In Poland, more than 90% of electricity production is based on coal fuel. Meanwhile, the financial situation of the mining industry is quite challenging. Companies in this sector are in debt, generating losses caused by a sharp drop in coal prices and a simultaneous increase in extraction costs that result from descending into lower levels of coal deposits. At the same time, banks are reluctant to loan money because of the risk of a borrowing entity’s default. Increasingly, companies are turning to bond issue to maintain their liquidity and finance development projects. However, bondholders impose conditions in the form of covenants that are often difficult to satisfy, and the strictest relate to the level of a company’s indebtedness and ability-to-repay-debt financial ratios. This article discusses bond issue costs. The authors analyze the bond issue programs of three of the four mining companies operating in Poland. The fourth company did not issue any bonds. Bond issue costs are composed of interest payable to investors, issue preparation and support costs, collateralization costs, and the cost of recording and organizing the sale. The main cost involved in bond issuance is the coupon cost, which depends on the company’s financial health and its level of indebtedness, the purpose of the issue, its volume, and the type and quality of the safeguards against the risk of loss of funds invested by bondholders. Bonds issued by coal mining companies are assumed mainly by banks, which demand high interest due to the poor financial condition of the issuers. In addition to interest, companies also pay a capital commitment fee, an arrangement fee and a fee for early redemption. Altogether, in relation to the costs of capital raised through a bank loan, the bond issue results in significantly higher costs of raising capital.

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煤矿企业发行公司债券的成本

在波兰，超过 90% 的电力生产基于煤燃料。同时，采矿业的财务状况相当具有挑战性。该行业的公司负债累累，由于煤炭价格急剧下跌以及煤炭储量下降导致开采成本同时增加而导致亏损。同时，由于借款实体违约的风险，银行不愿放贷。越来越多的公司转向发行债券以维持其流动性和融资开发项目。然而，债券持有人以契约的形式施加的条件通常难以满足，最严格的条件与公司的债务水平和偿债能力财务比率有关。本文讨论债券发行成本。作者分析了在波兰经营的四家矿业公司中的三家的债券发行计划。第四家公司没有发行任何债券。债券发行成本包括应付给投资者的利息、发行准备和支持成本、抵押成本以及记录和组织销售的成本。债券发行涉及的主要成本是票面成本，这取决于公司的财务状况和负债水平、发行目的、发行量以及防范投资资金损失风险的保障措施的类型和质量由债券持有人。煤矿企业发行的债券主要由银行承担，由于发行人财务状况不佳，银行需要较高的利息。除了利息，公司还要支付资本承诺费，安排费和提前赎回费。总之，相对于通过银行贷款筹集的资金成本而言，债券发行导致筹集资金的成本显着增加。