Signing of an annex to multi-purpose credit limit agreement with Pekao SA
On 29 June 2018 the Management Board of Stalprofil S.A. learned about signing of an annex to the multi-purpose credit limit agreement by Bank Pekao S.. with its registered office in Warsaw, which increased from PLN 28 million to PLN 40 million the available credit limit granted to the Company by Pekao S.A. and extends for the next two years (until 30.06.2020) its availability period.
Within the granted credit limit the Company may use banking products supporting the financing of its current operating activities, including: working capital loan, overdraft loan of bank guarantees and own letters of credit.
The financial conditions on which the Company uses the limits granted do not differ from those commonly used for this type of contracts and are based on the WIBOR rate + the bank's margin. The basic security of the total credit limit granted by Pekao S.A. is a registered pledge on commercial goods and the assignment of trade receivables, with a total value of PLN 40 million.
The credit limit available for the next two years increases the Group's financial security, constituting an important source of short and long-term financing of its operating activities, mainly in the gas transmission network infrastructure segment, under which the Group has a completed order book for the next 12 months.