21.01.2011
Prolongation of credit agreements with Kredyt Bank SA
On 21 January 2010 Stalprofil SA signed annexes to credit agreements with Kredyt Bank SA II O/Katowice, prolonging until 24 January 2012 duration of the credit limit, the total amount of PLN 55,000,000.
In connection with the extension of the validity of the credit agreements Stalprofil SA is able to enjoy over the next 12 months following bank products provided by the Bank :
- an overdraft facility in the amount of 31,410,000 PLN,
- revolving loan in the amount of 500,000 USD,
- current account credit in the amount of 10,000,000 PLN,
- letters of credit limit in the amount of 8,500,000 PLN,
- discount credit in the amount of 3,500,000 PLN.
Granted credit limits will be used by the Company to finance its current business.
Financial conditions under which the Company will benefit from the allocated limits are not different from those prevailing on the market for such contracts and are based on the WIBOR rate + bank margin.
The company considers the agreement as significant because its total value exceeds 10% of the issuer\'s equity.
Legal protection to the credit limit are: registered pledge on commercial goods owned by Stalprofil worth 10,000,000 PLN (net value), assignment of receivables of commercial contracts with annual value of 38,547,000 PLN. Assets which establish a limited right in rem in favor of Kredyt Bank the Company considers to be of significant value because their value exceeds the equivalent of 1 million euro.
In connection with the extension of the validity of the credit agreements Stalprofil SA is able to enjoy over the next 12 months following bank products provided by the Bank :
- an overdraft facility in the amount of 31,410,000 PLN,
- revolving loan in the amount of 500,000 USD,
- current account credit in the amount of 10,000,000 PLN,
- letters of credit limit in the amount of 8,500,000 PLN,
- discount credit in the amount of 3,500,000 PLN.
Granted credit limits will be used by the Company to finance its current business.
Financial conditions under which the Company will benefit from the allocated limits are not different from those prevailing on the market for such contracts and are based on the WIBOR rate + bank margin.
The company considers the agreement as significant because its total value exceeds 10% of the issuer\'s equity.
Legal protection to the credit limit are: registered pledge on commercial goods owned by Stalprofil worth 10,000,000 PLN (net value), assignment of receivables of commercial contracts with annual value of 38,547,000 PLN. Assets which establish a limited right in rem in favor of Kredyt Bank the Company considers to be of significant value because their value exceeds the equivalent of 1 million euro.