Polimex Mostostal repays the restructuring loan and ends the historical financial problems of the Capital Group.



On December 28, 2020, Polimex Mostostal S.A. made an early repayment of the entire balance sheet debt towards banks that are parties to the Agreement on the principles of servicing its financial debt, concluded by the Company on December 21, 2012. Due to the satisfaction of bank liabilities in the total amount of PLN 80.4 million, the restructuring agreement has expired, which definitely ends the period financial restructuring of Polimex Mostostal SA started in 2012.

The total repayment of the restructuring loan towards the banks made it possible to conclude new guarantee line agreements with following banks: PKO BP S.A., BOŚ S.A. and Pekao S.A., pursuant to which the Company obtained a renewable guarantee limit in the amount of PLN 127 million. The guarantees that will be issued under these lines will finance the new projects of the Company and selected subsidiaries.

“This is an important moment in our business - Polimex Mostostal has repaid the debt covered by the financial restructuring and thus completed the restructuring process, which was started in 2012.

Completing the historical problems of Polimex Mostostal will allow us to focus mainly on our activities and building the Company's value. We're not going to slow down. Part of our strategy is the effective use of the full potential of the companies belonging to the Capital Group and the preparation of a possibly broad and flexible offer. Our diversified offer is to be tailored primarily to the needs of the market, because today it is the customer who forces suppliers not only to provide the highest quality services, but also the ability to adapt them to his individual needs. Polimex Mostostal is a construction company with Polish capital, which has experienced and competent management staff, and as one of the few, it is able to provide this type of services. " - summarized Krzysztof Figat, President of the Management Board of Polimex Mostostal S.A.

"We have successfully completed the restructuring process, among others thanks to the large support of the Company's bondholders, which include Towarzystwo Finansowe Silesia Sp.z o .o., Agencja Rozwoju Przemysłu S.A. and Bankowe Towarzystwo Kapitałowe S.A. Under the agreements concluded today with these entities, the final maturity date of series A and B bonds has been postponed to December 31, 2026, and series C bonds to December 31, 2024. The newly implemented schedule of redemption of individual tranches of bonds ensures the durability and stability of the Company's balance sheet debt financing within the next few years. Importantly for our stakeholders, both the existing financing agreements (today amended and standardized) and the newly concluded guarantee line agreements liberalize the existing rules of dividend payment by the Company. Starting from the second half of 2024, it will be possible to partially distribute the profits generated by the Company through dividend payments without the need to obtain separate approvals from financing institutions for such payments. We will work with our financial partners to further relax dividend restrictions.

Timely fulfillment of commitments, and above all positive financial results and a healthy order backlog, which we can boast of today, are a strong confirmation that the Company is implementing the right strategy. We were, are and will be the leader of the Polish construction market and a brand known throughout Europe. " - added Maciej Korniluk, Vice President of the Management Board of Polimex Mostostal S.A.