The Management Board of Orzeł Biały S.A. (“The Issuer”, “The Company”) announces that on 27.03.2015 the Issuer concluded with ING Bank Śląski S.A. headquartered in Katowice (hereinafter: “ING”) an Annexe do Annexe to the Multi-Product Facility Agreement dated 03.06.2013 (as notified by the Issuer in Consolidated Management Report Orzeł Biały Group of Companies for 2014, Point B.4.7.) as valid since 22.03.2015.
Under this Annexe, the contracting parties have changed. Currently, the parties to the Agreement are: the Issuer and its subsidiaries, Orzeł Surowce sp. z o.o. and Pumech sp. z o.o. The aim of the extension of the contracting parties is the unification of external financing within the Group of the Issuer and the improvement in financing conditions.
The subject of the Annexe to the above-mentioned Agreement is a credit facility of kPLN 43,900 in form of PLN-denominated working capital loans, PLN-denominated investment loans or PLN/EUR-denominated bank guarantees while the maximum possible exposure arising from the full use of the revolving facility until 10.01.2022 amounts to kPLN 45,400.
The above loan facility will used by the Issuer and the Group Companies of the Issuer: Orzeł Surowce sp. z o.o. and Pumech sp. z o.o., to finance current operations and investment activities.
The Agreement with the Annexe, which is part and parcel of the Agreement, does not provide for contractual penalties, except for possible penalty interest commonly used in contracts of this kind. Financial terms thereunder do not differ from those commonly applied in the market for such agreements and are based on WIBOR 1M + bank margin. The maximum term of the Agreement duration is till 01.10.2022.
The security for the facility extended by ING Bank Śląski S.A. consists of:
• assignment of receivables under THE commercial contract;
• contractual mortgage up to kPLN 68,100 on the perpetual usufruct for the property located at Piekary Śląskie;
• registered pledge on machinery and equipment, technical equipment, accessories and instrumentation located at the Smelter Division of Orzeł Biały at Piekary Śląskie;
• registered pledge on technological buildings such as chimneys, pipelines, installations, tanks, ducts that are not permanently connected with the ground, at the Smelter Division of Orzeł Biały at Piekary Śląskie;
• assignment of rights from insurance policies for all secured/pledged items listed above.
The Management Board of Orzeł Biały S.A. announces that the total value of the contracts concluded during the past 12 months with ING by the Issuer’s Group amounts to kPLN 62,800 and exceeds 10% of of the total revenue of the Issuer’s Group of Companies for the last four quarters (first quarter of 2014 – fourth quarter of 2014).
The highest value agreement is represented by the Annexe to the Multi-Product Facility Agreement that is the subject of this report and which replaces previous loan agreements between the parties to the said Annexe.
Legal basis:
MFR SE §5 Para.1 Pt. 3