Signing an Annex to the Credit Agreement and a new Agreement for pre-financing VAT refund due with Bank PEKAO S.A.
The Management Board of Polimex-Mostostal S.A. with its registered office in Warsaw at ul. Czackiego 15/17, with reference to the current report no. 47/2011 published on 28 July 2011 informs that on 4 April 2012 it received an Annex to the Credit Agreement in the form of a multi-purpose and multi-currency line of credit and the Agreement for pre-financing VAT refund due, signed by Bank PEKAO S.A.
Pursuant to this Annex, the structure of financing of credit limit has been changed, and it amounts to PLN 420,000,000.00. In accordance with the aforementioned Annex, the financing structure is as follows:
- working capital facility up to the amount of PLN 200,000,000.00 (including: PLN 50,000,000.00 - current account credit, PLN 150,000,000.00 - revolving credit in the form of advances for financing contracts being executed),
- revolving credit in credit account in the amount of PLN 36,000,000.00 earmarked for pre-financing VAT refund from the Tax Office,
- limits for bank guarantees granted by the Bank to the total amount not exceeding PLN 250,000,000.00,
whereas the total amount of all sub-limits used shall not exceed the amount of the limit granted.
Other provisions of the Agreement shall remain unchanged.
Additionally, the Agreement for pre-financing VAT refund due has been concluded, which regulates the rules of using the credit granted in the amount of PLN 36,000,000.00. The interest rates, the amount of commission and charges have been agreed upon on market terms. Securities are the same as in the case of the Credit Agreement in the form of multi-purpose, multi-currency line of credit. All matters not settled in the Agreement shall be governed by the Credit Agreement in the form of multi-purpose, multi-currency line of credit and the Agreement establishing general principles of crediting as well as the Polish law provisions.
The value of the Issuer's equity capital has been assumed to be the criterion for considering the Contract to be material.