10.07.2009
Conclusion of loan agreements with PKO BP SA by the subsidiary IZOSTAL SA
Legal basis
Art. 56 clause 1 item 2 of the Public Offering Act – current and periodical information
Stalprofil SA informs that on July 10, 2009, its subsidiary IZOSTAL signed two loan agreements with PKO BP S.A. in the total amount of PLN 40,000,000, i.e.:
1. Investment loan agreement, with the loan granted from July 10, 2009 to July 18, 2015, for the purpose of investment expenditure on the External Blasting and Coating Plant for Steel Pipes in Kolonowskie in the amount of PLN 26,000,000 (which in the first turn will be used for repayment of the investment loan from ING Bank Śląski S.A. in the amount of PLN 18,000,000).
2. Overdraft facility agreement, for the period from July 10, 2009 to July 9, 2010, in the amount of up to PLN 14,000,000 for the purpose of financing the ongoing business. IZOSTAL S.A. will in the first turn use this facility to repay working capital loans granted by ING Bank Śląski S.A. and Fortis Bank Polska S.A.).
The available loans, based on favorable financing conditions offered by PKO BP SA, will ensure timely completion of the construction of the External Blasting and Coating Plant for Steel Pipes in Kolonowskie, and will ensure access to working capital for financing the ongoing business of IZOSTAL S.A.
The financial conditions specified in the concluded contracts are not different from the common market conditions.
The agreements are considered significant as their total value exceeds 10% of the issuer’s equity.
The basic legal security for the loans is a collective regular mortgage in the amount of PLN 26,000,00 and a collective cap mortgage in the amount of PLN 10,400,000 on the built-up properties owned by IZOSTAL S.A. and located in Kolonowskie and Zawadzkie, as well as a registered pledge on the external coating lines and PE coating lines.
The assets, on which the pledge and the mortgage were established are considered by the company significant in value, as their total value exceeds the equivalent in PLN of EUR 1,000,000. There are not any connections between the issuer and the bank being the beneficiary of the mortgage and the pledge.
An additional security for the above-mentioned loan is the bill-of-exchange guarantee granted by Stalprofil S.A. to its subsidiary IZOSTAL SA, up to the amount of PLN 20,000,000. Stalprofil SA did not receive any remuneration on that.
The repayment by IZOSTAL SA of the investment loan taken from ING Bank Śląski SA (see item 1) will result in the expiry of the guarantee given for this loan by Stalprofil SA on November 3, 2008, of the value of PLN 18,000,000.
Legal basis: §5 clause 1 items 1, 3, 7 of the Ordinance of the Minister of Finance of February 19, 2009, on the current and periodical information provided by the securities issuing entities (...)
Art. 56 clause 1 item 2 of the Public Offering Act – current and periodical information
Stalprofil SA informs that on July 10, 2009, its subsidiary IZOSTAL signed two loan agreements with PKO BP S.A. in the total amount of PLN 40,000,000, i.e.:
1. Investment loan agreement, with the loan granted from July 10, 2009 to July 18, 2015, for the purpose of investment expenditure on the External Blasting and Coating Plant for Steel Pipes in Kolonowskie in the amount of PLN 26,000,000 (which in the first turn will be used for repayment of the investment loan from ING Bank Śląski S.A. in the amount of PLN 18,000,000).
2. Overdraft facility agreement, for the period from July 10, 2009 to July 9, 2010, in the amount of up to PLN 14,000,000 for the purpose of financing the ongoing business. IZOSTAL S.A. will in the first turn use this facility to repay working capital loans granted by ING Bank Śląski S.A. and Fortis Bank Polska S.A.).
The available loans, based on favorable financing conditions offered by PKO BP SA, will ensure timely completion of the construction of the External Blasting and Coating Plant for Steel Pipes in Kolonowskie, and will ensure access to working capital for financing the ongoing business of IZOSTAL S.A.
The financial conditions specified in the concluded contracts are not different from the common market conditions.
The agreements are considered significant as their total value exceeds 10% of the issuer’s equity.
The basic legal security for the loans is a collective regular mortgage in the amount of PLN 26,000,00 and a collective cap mortgage in the amount of PLN 10,400,000 on the built-up properties owned by IZOSTAL S.A. and located in Kolonowskie and Zawadzkie, as well as a registered pledge on the external coating lines and PE coating lines.
The assets, on which the pledge and the mortgage were established are considered by the company significant in value, as their total value exceeds the equivalent in PLN of EUR 1,000,000. There are not any connections between the issuer and the bank being the beneficiary of the mortgage and the pledge.
An additional security for the above-mentioned loan is the bill-of-exchange guarantee granted by Stalprofil S.A. to its subsidiary IZOSTAL SA, up to the amount of PLN 20,000,000. Stalprofil SA did not receive any remuneration on that.
The repayment by IZOSTAL SA of the investment loan taken from ING Bank Śląski SA (see item 1) will result in the expiry of the guarantee given for this loan by Stalprofil SA on November 3, 2008, of the value of PLN 18,000,000.
Legal basis: §5 clause 1 items 1, 3, 7 of the Ordinance of the Minister of Finance of February 19, 2009, on the current and periodical information provided by the securities issuing entities (...)