Multi product contract concluded between ING Bank Śląski SA and entities of Apator Group
The Management Board of Apator SA („the Issuer”) announces that on 22nd June 2016 the multi- product contract was concluded („Contract”) between ING Bank Śląski SA and the following entities of Apator Group: Apator SA, Apator Powogaz SA, Apator Metrix SA, FAP Pafal SA, Apator Elkomtech SA, Apator Control Sp. z o.o., Apator Mining Sp. z o.o., Apator Rector Sp. z o.o., Apator Telemetria Sp. z o.o.
The subject of the contract is revolving umbrella credit that the entities of Apator Group to be granted to the amount of PLN 120 m destined for current activity of the entities in the group of the Issuer. The credit can be used in form of working capital credits, bank guarantees and letters of credit and it was granted for the period of two years. The interest of the credit is calculated based on WIBOR 1M rate plus the margin of the bank.
The hedging of the contract is as follows:
- registered pledges on inventories of entities of Apator Group of total value of PLN 80,04 m,
- registered pledges on fixed assets of entities of Apator Group of total value of PLN 30,5 m,
- registered pledges on bank accounts in ING Bank Śląski SA,
- property mortgage of entities of Apator Group of total value of PLN 10,1 m,
- assignment of rights from insurance contract of the above hedging,
- declaration of the entities of Apator Group of the subject to enforcement pursuant to art. 777 of the Polish Code of Civil Procedure to the amount of PLN 180 m.
Obligations resulting out of the credit limit granted charge the entities of Apator Group jointly maximum to the limit of PLN 120 m.
The contract does not include liquidated damages. Other conditions do not differ from the common conditions applied for such type of contracts.
The contract has been considered as important one due to the exceeding 10% of the value of the Issuer’s equity.
Legal basis: § 5 para 1 point 3 of the Regulation of Minister of Finance dated 19th February 2009 regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU.
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