17/2017: Property sale and leaseback agreement signed by subsidiary
The Management Board of PBG S.A. (the “Company” or “PBG”) was notified that on April 6th 2017 the subsidiary PBG Erigo Projekt Sp. z o.o. Platan Hotel S.K.A. (the “Subsidiary”) concluded with mLeasing Sp. z o.o. (the “Financing Party”) a lease agreement (the “Lease Agreement”) concerning a property located in Świnoujście, on which a hotel building is erected (the “Property”) and a sale agreement whereby the Subsidiary sold the Property to the Financing Party.
The amount of lease financing is PLN 20,648,550.00 and bears interest at 1M WIBOR plus 3.2%. The lease agreement has been concluded for 144 months.The agreement contains terms and conditions commonly applied in agreements of this type and obliges the Subsidiary to make timely lease payments, provide information about its operations, etc. The terms and conditions of the agreement do not differ from customary terms and conditions applied in agreements of this type.
As security for its obligations under the Lease Agreement, the Subsidiary provided security instruments normally used in such agreements, each up to the maximum security amount of PLN 47,200,000, namely: 3 (three) blank promissory notes, statement of voluntary submission to enforcement, assignment of all claims under insurance policies held by the Subsidiary, registered pledge over the General Partner’s cash receivables connected with its equity interest in the Subsidiary, registered and financial pledges over the shares in the Subsidiary’s share capital, registered pledge over the Subsidiary’s assets in the form of hotel furnishings, first ranking financial and registered pledges over bank accounts, subordination of all existing and future claims against the Subsidiary, and a security deposit.
The selling price of the Property was set at PLN 31,767,000.00 (VAT exclusive) and the parties agreed that PLN 20,648,550.00 will be paid within 5 (five) business days and transferred to the Company’s account.
Pliki:
current report 17/2017 (.pdf - 52,11 kB)