2010-01-13
Current report no 05/ 2010 - Conclusion of annex to the agreement for credit line (credit facility) with Bank
The Management Board of HYDROBUDOWA POLSKA S.A. (hereinafter referred to as "the Issuer") notifies hereby that on 12 January of 2010 it obtained information on conclusion on 23 December of 2009 of the annex no 9 to the agreement for credit line for financing current activity as of 27 April of 2007, made between the Companies of PBG Capital Group (hereinafter referred to as "the Borrowers") that is
PBG S.A., HYDROBUDOWA POLSKA S.A., INFRA S.A., HYDROBUDOWA 9 S.A. and APRIVIA S.A. and Bank Gospodarki Żywnościowej SA.
Under the concluded annex the amount of credit line was increased from the amount of PLN 90 million up to the amount PLN 138 million for the period until 31 January of 2010 and for the period of since 31 January of 2010 up to the amount of PLN 125 million.
The final repayment date of granted credit line was also prolonged under this annex to 30 December of 2017.
Furthermore, next companies from the Capital Group PBG - APRIVIA S.A. and HYDROBUDOWA 9 S.A. became parties to the agreement.
In accordance with the provisions of the annex credit line up to the amount of PLN 133 million in the period until 30 January of 2010 and the amount of PLN 120 million in the period since 31 January 2010 until 30 November of 2010 may be used:
· up to the amount of PLN 73 million in the period until 30 January of 2010 and up to the amount of PLN 60 million in the period since 31 January 2010 until 30 November of 2010 or equivalent of those amounts in Euro or USD.
1. in the period until 30 November of 2010 in the form of revolving credits in PLN, EURO or USD, designated for financing of current needs connected with supplies, production and sale of goods or provision of services, pecuniary settlements process and for inventory financing, deferred income and payables resulting from settlements with contractors.
2. in the period until 30 December of 2017 in the form of revolving credits for coverage of disbursements resulting from guarantees.
· up to the amount of PLN 60 million or equivalent of that amount in EURO or USD:
1. in the period until 30 November 2010 in the form of bank guarantees, in particular advance return guarantee, proper performance guarantee, faults and defects repair guarantee, retained amounts return guarantee, up to the amount of PLN 13 million in the form of tender guarantees, whereas the term of the longest guarantee shall lapse on 30 December of 2017.
In the period until 30 November of 2010 the credit line up to the amount of PLN 5 million may be used for transactions made with the Borrower on the basis of “the Framework Agreement on the conditions of making and carrying out transactions of financial market in BGŻ S.A.” and/or “the Agreement for making currency exchange transactions, which conditions shall be set forth within the scope of individual negotiations of the Client with Bank Gospodarki Żywnościowej S.A.”, within the scope of transaction limit granted by the Bank, whereas term of the longest transaction within the scope of transaction limit shall lapse on 30 November of 2015.
In relation to prolongation of repayment term of the credit limit, the Borrowers filed declaration on readiness to be submitted to execution up to the amount of PLN 207 million with the possibility to apply by the Bank for granting enforcement clause to the banking executive title until 30 day of December of 2020.
The other provisions of the Agreement have not been amended.
The credit line agreement with Bank Gospodarki Żywnościowej S.A was described in information memorandum for shares series L of the Issuer (subparagraph. 6.5.2.4.7) and then updated by current reports : no 01/2009 of 8 January 2009, no 37/2009 of 17 July 2009, no 39/2009 of 3 August 2009 and 57/2009 of 30 October 2009.
Information memorandum and current reports are available on the following web site of the Issuer: http://hbp-sa.pl/ in the fold investors relations.
Lagal basis:
Article 56 item 5 of the Offer Act – update of the information
