03.02.2014
Credit agreements with mBank SA
On 3 February 2013 Stalprofil SA and mBank SA in Warsaw Corporate Branch in Katowice signed agreement on long-term revolving working capital loan, financed by EIB with the limit of PLN 10 million. The loan was granted to the Company until 12.02.2016, with the purpose of financing its current operations.
Under the annex to the credit agreement with the bank of 30.01.2014, concluded between Stalprofil SA and mBank SA, available credit limit in the current account was reduced from PLN 15 million to PLN 5 million and extended for another year (until 01.29.2015).
Reduction of that limit or rather its conversion to a long-term working capital loan, was at the request of Stalprofil SA and held in accordance with the Company\'s credit policy.
Stalprofil SA may continue to use the credit limit in mBank SA in the total amount of PLN 35 million, including outside of these loans, with:
- Long-term revolving credit in the amount of PLN 10 million, by 06.29.2015,
- Long-term revolving credit in the amount of PLN 10 million, by 29.01.2016.
The Company recognizes agreements for significant because their total value exceeds 10% of the equity of the issuer. The financial terms on which the Company will use the granted limits, do not differ from those commonly used for such contracts and are based on WIBOR + margin.
Basic legal safeguards for the total credit limit mBank SA has not changed and consist of a pledge on commercial goods owned Stalprofil SA with a total net value of fixed prices at the level of PLN 33 million and made to mBank SA assignment of receivables due Stalprofil SA commercial contracts an estimated value of PLN 2 million.
Under the annex to the credit agreement with the bank of 30.01.2014, concluded between Stalprofil SA and mBank SA, available credit limit in the current account was reduced from PLN 15 million to PLN 5 million and extended for another year (until 01.29.2015).
Reduction of that limit or rather its conversion to a long-term working capital loan, was at the request of Stalprofil SA and held in accordance with the Company\'s credit policy.
Stalprofil SA may continue to use the credit limit in mBank SA in the total amount of PLN 35 million, including outside of these loans, with:
- Long-term revolving credit in the amount of PLN 10 million, by 06.29.2015,
- Long-term revolving credit in the amount of PLN 10 million, by 29.01.2016.
The Company recognizes agreements for significant because their total value exceeds 10% of the equity of the issuer. The financial terms on which the Company will use the granted limits, do not differ from those commonly used for such contracts and are based on WIBOR + margin.
Basic legal safeguards for the total credit limit mBank SA has not changed and consist of a pledge on commercial goods owned Stalprofil SA with a total net value of fixed prices at the level of PLN 33 million and made to mBank SA assignment of receivables due Stalprofil SA commercial contracts an estimated value of PLN 2 million.