3/2012: Execution of an annex to the credit facility agreement with Bank Gospodarki Żywnościowej S.A.
Further to Current Report No. 9/2011 of January 31st 2011 (available at: http://www.pbg-sa.pl/relacje-inwestorskie/raporty-biezace/9-2011-zawarcie-aneksu-do-umowy-o-linie-kredytowa-z-bankiem-gospodarki-zywnosciowej-s-a.html), the Management Board of PBG S.A. hereby reports that, on January 10th 2012, it was notified of the execution, on December 27th 2011, of an annex to the credit facility agreement for the financing of current activities dated April 27th 2007, concluded between PBG Group companies (PBG S.A., HYDROBUDOWA POLSKA S.A., HYDROBUDOWA 9 S.A., and APRIVIA S.A.) and Bank Gospodarki Żywnościowej S.A. of Warsaw. Under the annex, Energomontaż Południe S.A., a member of the PBG Group and a direct subsidiary of RAFAKO S.A., joined the group of Borrowers.
Pursuant to the annex, the amount of the facility was increased from PLN 125m to PLN 157m for a period until November 30th 2012, and the final repayment date for the entire facility was set for December 30th 2017.
The credit facility may be used in the following manner:
up to PLN 100m, or an equivalent of this amount in EUR or USD, until November 30th 2012:
1. in the form of PLN-, EUR- or USD-denominated revolving facilities for the financing of day-to-day operations, including procurement, production and sale of goods or provision of services, cash settlements, for the financing of inventory, prepayments, amounts payable to business partners, and for covering the amount paid by the Bank under letters of credit,
up to PLN 157m, or an equivalent of this amount in EUR or USD:
2. until November 30th 2012, in the form of bank guarantees: bid bonds, advance payment bonds, performance bonds, maintenance bonds, retention bonds, payment bonds, guarantees securing payment of customs duty, guarantees securing payment of excise tax, and guarantees securing VAT payments. The longest guarantee validity period under the facility is 5 years and 30 days. The Bank may issue guarantees until November 30th 2012.
up to PLN 40m, or an equivalent of this amount in EUR or USD, for issuing documentary and stand-by letters of credit by December 12th 2014. The longest letter of credit validity period under the facility is 2 years and the Bank may issue letters of credit until November 30th 2012.
As the facility limit was increased and its repayment date extended, the Borrowers submitted representations on submission to enforcement for an amount of up to PLN 235,500,000, with the Bank being entitled to request the court for endorsing the bank enforcement order with an enforcement clause until December 30th 2020.
The other terms and conditions of the agreement remained unchanged.
Legal basis:
Art. 56.5 of the Public Offering Act – information update
Pliki:
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