09.09.2010
Conclusion of loan agreement between the subsidiary Izostal SA and PKO BP SA
Stalprofil SA announces that on 08.09.2010 Izostal SA subsidiary has signed with PKO BP SA in Warsaw, the Regional Corporate Office in Katowice, a loan agreement in the form of multipurpose credit limit of up to 22 million PLN to finance current operations. The new agreement replaces the agreement in the amount of PLN 14 million, of which the issuer informed in the CR 15/2010 dated 09.07.2010.
Following the conclusion of the contract Izostal SA will be able to use in the period from 09.09.2010 to 08.09.2013 the following bank products:
- bank overdrafts to the amount of 14 million PLN,
- rotation of the revolving credit to the amount of 8 million PLN,
- limit for opening letters of credit and providing bank guarantees to the amount of 2 million PLN.
Financial conditions of the credit contract do not differ from those prevailing on the market and are based on WIBOR + bank margin.
Agreement is considered significant because its value exceeds 10% of the equity of the issuer.
The basic legal protection of these loans are a lien on stocks of Izostal SA, a value not less than 16.5 million PLN, and guarantee bill awarded by Stalprofil SA to the subsidiary Izostal SA, to the amount of 22 million PLN. Stalprofil SA charges a fee for the guarantee provided on commercial basis.
At the same time Bank PKO BP announced the issuer to terminate the following guarantees given by Stalprofil SA to secure PKO BP SA claims against Izostal SA:
- bill of exchange guarantee to the amount of PLN 3.1 million of investment loan amounting to 6 million PLN, the guarantee was terminated in connection with the 30.07.2010 payment of debts,
- bill of exchange guarantee to the amount of PLN 6,000,000 of investment loan of 26 million PLN, the guarantee was terminated in connection with the 09.08.2010 releasing security decision of the PKO BP SA,
- bill of exchange guarantee to the amount of PLN 14 million of an overdraft facility of 14 million PLN, the guarantee was terminated 09.09.2010 for the inclusion in the contract in the current account to the credit agreement in the form of a multipurpose credit limit descripted in this report.
Following the conclusion of the contract Izostal SA will be able to use in the period from 09.09.2010 to 08.09.2013 the following bank products:
- bank overdrafts to the amount of 14 million PLN,
- rotation of the revolving credit to the amount of 8 million PLN,
- limit for opening letters of credit and providing bank guarantees to the amount of 2 million PLN.
Financial conditions of the credit contract do not differ from those prevailing on the market and are based on WIBOR + bank margin.
Agreement is considered significant because its value exceeds 10% of the equity of the issuer.
The basic legal protection of these loans are a lien on stocks of Izostal SA, a value not less than 16.5 million PLN, and guarantee bill awarded by Stalprofil SA to the subsidiary Izostal SA, to the amount of 22 million PLN. Stalprofil SA charges a fee for the guarantee provided on commercial basis.
At the same time Bank PKO BP announced the issuer to terminate the following guarantees given by Stalprofil SA to secure PKO BP SA claims against Izostal SA:
- bill of exchange guarantee to the amount of PLN 3.1 million of investment loan amounting to 6 million PLN, the guarantee was terminated in connection with the 30.07.2010 payment of debts,
- bill of exchange guarantee to the amount of PLN 6,000,000 of investment loan of 26 million PLN, the guarantee was terminated in connection with the 09.08.2010 releasing security decision of the PKO BP SA,
- bill of exchange guarantee to the amount of PLN 14 million of an overdraft facility of 14 million PLN, the guarantee was terminated 09.09.2010 for the inclusion in the contract in the current account to the credit agreement in the form of a multipurpose credit limit descripted in this report.