31.12.2012
Prolonging of credit agreements with Kredyt Bank SA
On 31 December 2012, the Management Board of Stalprofil SA was informed of the conclusion (signing by the second part) by Kredyt Bank SA in Warsaw of annexes to credit agreements that prolong and update the terms and conditions of access to individual credit lines granted to the Company by Kredyt Bank SA.
Following the conclusion of these loan agreements, Stalprofil SA is able to use following banking products provided by the Bank:
- working capital loan in the amount of PLN 23 000 000, until January 24, 2014
- working capital loan in the current account up to the amount of PLN 10 000 000, until January 24, 2014
- working capital loan (long-term) to the amount of PLN 10 000 000, until January 24, 2015
- limit for opening letters of credit for the amount of PLN 8 500 000, until January 25, 2014
- discount credit to the amount of PLN 3 500 000, until January 25, 2014
Granted credit limits will be in force after the expiry of previously existing agreements, that is from 25 January 2013 and will be used by the Company to finance current operations.
The financial terms of which the Company will use the granted limits do not differ from those commonly used in the market for such contracts and are based on WIBOR + margin.
The Company considers the agreement as significant as their total value exceeds 10% of the equity of the issuer.
Legal security for the loans will be as before: pledge on commercial goods owned Stalprofil of PLN 10 000 000 and assignment of receivables from commercial contracts of annual sales value of PLN 40 000 000. Assets that are subject to a limited right in rem in favor of Kredyt Bank SA, the Company considers to be of significant value as their value exceeds the PLN equivalent of EUR 1 million.
Following the conclusion of these loan agreements, Stalprofil SA is able to use following banking products provided by the Bank:
- working capital loan in the amount of PLN 23 000 000, until January 24, 2014
- working capital loan in the current account up to the amount of PLN 10 000 000, until January 24, 2014
- working capital loan (long-term) to the amount of PLN 10 000 000, until January 24, 2015
- limit for opening letters of credit for the amount of PLN 8 500 000, until January 25, 2014
- discount credit to the amount of PLN 3 500 000, until January 25, 2014
Granted credit limits will be in force after the expiry of previously existing agreements, that is from 25 January 2013 and will be used by the Company to finance current operations.
The financial terms of which the Company will use the granted limits do not differ from those commonly used in the market for such contracts and are based on WIBOR + margin.
The Company considers the agreement as significant as their total value exceeds 10% of the equity of the issuer.
Legal security for the loans will be as before: pledge on commercial goods owned Stalprofil of PLN 10 000 000 and assignment of receivables from commercial contracts of annual sales value of PLN 40 000 000. Assets that are subject to a limited right in rem in favor of Kredyt Bank SA, the Company considers to be of significant value as their value exceeds the PLN equivalent of EUR 1 million.