PBG Group continues talks to secure additional financing
PBG Group continues talks to secure additional financing
- The PBG Group continues talks with a bank syndicate to secure granting and disbursing bridge financing.
- In line with their declarations made in the standstill agreement, all four banks which are to provide the bridge financing, i.e. BANK ZACHODNI WBK S.A., ING BANK ŚLĄSKI S.A., NORDEA BANK POLSKA S.A., BANK Pekao S.A., have obtained the required consents from their respective credit committees. However, the bridge facility agreement has not yet been executed and the funds have not yet been disbursed, as it requires a prior agreement on an appropriate structure of security for the financing, which is to be approved by all the parties involved.
The scope of negotiations with the banks was extended from talks concerning the bridge financing to talks concerning the arrangement of a comprehensive financing structure for the PBG Group for the next 12 months.
On May 15th 2012, the PBG Group reported that it had reached an agreement with its financing banks and, what follows, had met the condition required to commence negotiations with the banks on the provision of bridging financing. Pursuant to the terms of the agreement, the four banks providing the bridge financing agreed to take all reasonable steps to ensure that their lending committees make final decisions in this respect by May 18th 2012, so that the financing becomes available by May 25th 2012.
Further to the press release of May 15th 2012 and in response to many inquiries addressed to the Company, we hereby report on the progress of the negotiations.
By May 25th 2012, all four banks had obtained the required consents of their respective credit committees. However, the bridge financing agreement has not been executed and, what follows, the funds has not been disbursed. However, the bridge facility agreement has not yet been executed and the funds have not yet been disbursed, as it requires a prior agreement on an appropriate structure of security for the financing, which is to be approved by all the parties involved. Moreover, the scope of negotiations with the banks was extended from talks concerning the bridge financing to talks concerning the arrangement of a comprehensive financing structure for the PBG Group for the next 12 months.