28.12.2011
Conclusion of annexes to the loan agreements with Kredyt Bank SA
On 27 December 2011 Stalprofil SA signed with Kredit Bank SA II O/Katowice five annexes to credit agreements that extend the terms and conditions of individual credit lines granted to the Company by Kredyt Bank SA.
In connection with the extension of the term of the loan agreements in question, Stalprofil SA is able to use
- working capital loan in the amount of PLN 24 million, the deadline of January 24, 2013
- working capital loan in the amount of USD 3,100,000, the deadline of January 24, 2013
- working capital loan (medium-term) in the current account to the amount of PLN 10,000,000, until 11 December 2013
- for opening letters of credit limit to the amount of PLN 8.5 million, by the deadline of January 25, 2013
- discount credit to the amount of PLN 3.5 million, by the deadline of January 25, 2013
Credit limits granted by the Company will be used to finance current business. Extension of the provision of working capital loan in the current account in the amount of PLN 10 million was at the request of the Company for a period of two years (until 11 December 2013) and results from the Company\'s efforts to ensure the availability of a stable, external sources of financing in the longer term.
Financial conditions under which the Company will use the granted limits do not differ from those prevailing on the market for this type of contracts and are based on WIBOR + margin of the bank.
The Company recognizes the contract as significant as their total value exceeds 10% of the equity of the issuer.
Legal protection to granted by Kredyt Bank SA credit lines are: registered pledge on commercial goods owned by Stalprofil, worth PLN 10 million net and assignment of receivables from commercial contracts with an annual sales value of PLN 40 million. Assets, which established a limited right in rem in favor of Kredyt Bank SA, the Company considers to be of significant value because their value exceeds the PLN equivalent of EUR 1 million.
In connection with the extension of the term of the loan agreements in question, Stalprofil SA is able to use
- working capital loan in the amount of PLN 24 million, the deadline of January 24, 2013
- working capital loan in the amount of USD 3,100,000, the deadline of January 24, 2013
- working capital loan (medium-term) in the current account to the amount of PLN 10,000,000, until 11 December 2013
- for opening letters of credit limit to the amount of PLN 8.5 million, by the deadline of January 25, 2013
- discount credit to the amount of PLN 3.5 million, by the deadline of January 25, 2013
Credit limits granted by the Company will be used to finance current business. Extension of the provision of working capital loan in the current account in the amount of PLN 10 million was at the request of the Company for a period of two years (until 11 December 2013) and results from the Company\'s efforts to ensure the availability of a stable, external sources of financing in the longer term.
Financial conditions under which the Company will use the granted limits do not differ from those prevailing on the market for this type of contracts and are based on WIBOR + margin of the bank.
The Company recognizes the contract as significant as their total value exceeds 10% of the equity of the issuer.
Legal protection to granted by Kredyt Bank SA credit lines are: registered pledge on commercial goods owned by Stalprofil, worth PLN 10 million net and assignment of receivables from commercial contracts with an annual sales value of PLN 40 million. Assets, which established a limited right in rem in favor of Kredyt Bank SA, the Company considers to be of significant value because their value exceeds the PLN equivalent of EUR 1 million.