20.01.2014
Signing annexes to loan agreements with Bank Zachodni WBK SA
On 20 January 2014 Stalprofil SA and Bank Zachodni WBK SA (legal successor of Kredyt Bank SA) based in Wrocław, signed 4 annexes to credit agreements that extended and updated the terms and conditions of each available credit lines granted to the Company by BZ WBK SA
As a result of the conclusion of the annexes to the loan agreements, Stalprofil SA extended for another year term availability of the following banking products:
- revolving working capital loan in the amount of PLN 10,000,000 PLN - the availability until January 25, 2015
- revolving working capital loan in the amount of EUR 500,000 EUR - availability until January 25, 2015
- revolving credit in the current account up to the amount of PLN 10,000,000 - the availability until January 25, 2015
- working capital loan (long-term) to the amount of PLN 10,000,000 - the availability until January 25, 2016
BZ WBK confirmed the readiness of the Company\'s loan at the current level (55 million PLN). However, at the request of the Company extended credit lines to a smaller value (PLN 30,000,000 + EUR 500,000). This decision is related to the adjustment of the level of borrowing to the current needs of the Company. In case of additional needs BZ WBK will run at the request of the Company:
- revolving loan in the amount of PLN 10,000,000 PLN, for a period of 12 months from the date of January 31, 2014, subject to submission of the loan application by the Company and the determination of appropriate security,
- letters of credit line to the amount of PLN 5,000,000 for a period of 12 months until 31 May 2015.
Credit limits will be used by the Company to finance current operations. The financial terms on which the Company will use the granted limits do not differ from those prevailing on the market for such contracts, and are based on WIBOR + margin.
The Company considers the agreement as significant as its total value exceeds 10% of the equity of the issuer.
Legal protection granted by BZ WBK credit lines will form as before: pledge on commercial goods owned Stalprofil worth the price of PLN 10,000,000 net registration and assignment of receivables from commercial contracts whose value due to the reduction in the level of lending decreased from the amount of PLN 40,000,000 to the amount of PLN 27.5 million. Assets, which established a limited right in rem in favor of BZ WBK SA, the Company considers to be of significant value as their value exceeds the PLN equivalent of EUR 1 million.
As a result of the conclusion of the annexes to the loan agreements, Stalprofil SA extended for another year term availability of the following banking products:
- revolving working capital loan in the amount of PLN 10,000,000 PLN - the availability until January 25, 2015
- revolving working capital loan in the amount of EUR 500,000 EUR - availability until January 25, 2015
- revolving credit in the current account up to the amount of PLN 10,000,000 - the availability until January 25, 2015
- working capital loan (long-term) to the amount of PLN 10,000,000 - the availability until January 25, 2016
BZ WBK confirmed the readiness of the Company\'s loan at the current level (55 million PLN). However, at the request of the Company extended credit lines to a smaller value (PLN 30,000,000 + EUR 500,000). This decision is related to the adjustment of the level of borrowing to the current needs of the Company. In case of additional needs BZ WBK will run at the request of the Company:
- revolving loan in the amount of PLN 10,000,000 PLN, for a period of 12 months from the date of January 31, 2014, subject to submission of the loan application by the Company and the determination of appropriate security,
- letters of credit line to the amount of PLN 5,000,000 for a period of 12 months until 31 May 2015.
Credit limits will be used by the Company to finance current operations. The financial terms on which the Company will use the granted limits do not differ from those prevailing on the market for such contracts, and are based on WIBOR + margin.
The Company considers the agreement as significant as its total value exceeds 10% of the equity of the issuer.
Legal protection granted by BZ WBK credit lines will form as before: pledge on commercial goods owned Stalprofil worth the price of PLN 10,000,000 net registration and assignment of receivables from commercial contracts whose value due to the reduction in the level of lending decreased from the amount of PLN 40,000,000 to the amount of PLN 27.5 million. Assets, which established a limited right in rem in favor of BZ WBK SA, the Company considers to be of significant value as their value exceeds the PLN equivalent of EUR 1 million.