Conclusion of a Credit Agreement for the construction of a modern production plant
The Executive Board of Apator SA announces that on the 4th of December 2020 subsidiary Apator Powogaz SA signed with bank PKO Bank Polski SA with the seat in Warsaw ("Bank") the Investment Credit Agreement in the amount of PLN 39.1 million with the possibility to increase to the amount of PLN 41 million. The funds obtained from the credit will be used to finance the purchase of land and the construction of a modern production plant in Zerniki near Poznan, on the basis of an agreement concluded with the General Contractor (current report No. 58/2020).
1. Terms and conditions of the credit agreement:
a) amount of credit: PLN 39.1 million with the possibility to increase to PLN 41 million, i.e. no more than 80% of the expenses related to the construction of the plant and the acquisition of the real estate,
b) own contribution: PLN 9.8 million, i.e. 20% of the expenditure related to the construction and acquisition of the real estate,
c) credit term: in monthly tranches, in accordance with the work schedule established in the agreement with the General Contractor, starting from 4 December 2020
d) loan repayment period: from 31 July 2022 to 4 December 2030 in monthly equal capital instalments of PLN 0.4 million each and one equalisation instalment until 3 December 2030
e) interest rate:
- up to PLN 39.1 million - fixed interest rate of 1.3% p.a. plus the Bank's margin,
- above the amount of PLN 39.1 million, and up to PLN 41 million - interest rate according to variable interest rate WIBOR 1M increased by the Bank's margin.
a) contractual mortgage up to the amount of PLN 61.5 million on the grounds being purchased and on the property being constructed in Zerniki established after the transfer of the property ownership to Apator Powogaz SA,
b) registered pledge and financial pledge on 3.6 million shares to bearer of Apator SA being in possession of Apator Mining Sp. z o.o. to the highest sum of security PLN 61.5 million with blocking of shares of total value not less than 120% of future value of property (pledge to be kept till the day of establishing above mentioned contractual mortgage),
c) declaration of guarantee granted by Apator SA in a form of "letter of comfort" for the liabilities of Apator Powogaz SA to the Bank due to the present Contract,
d) transfer of monetary claims under the contract of insurance of buildings and structures located on the property - after completion of construction works,
e) blank bill of exchange with a bill of exchange declaration.
The remaining conditions of the Agreement, including in particular the conditions for the loan disbursement, possibility of termination and sanctions for breach of the Agreement do not differ from the conditions generally applied for this type of agreements.
Legal basis: art. 17 par. 1 MAR
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