Concluding an annex to the multi-purpose credit limit agreement entered into with Bank Powszechna Kasa Oszczędności Bank Polski S.A.
Report no.: 20/2019
Legal basis: Art. 17 Clause 1 MAR - confidential information.
CONTENT OF THE REPORT:
The Management Board of Izostal S.A. (the Company) with reference to the current report no. 32/2016 of 12 August 2016, informs that on 2 July 2019 it became aware of the fact that Powszechna Kasa Oszczędności Bank Polski S.A. (Bank) with its registered office in Warsaw signed an annex to the multi-purpose credit limit agreement.
As a result of the annex, the value of the multi-purpose credit limit was increased from PLN 22,000 thousand to PLN 100,000 thousand. Within the above mentioned overdraft, the Company may use the following banking products:
• overdraft facility in PLN, EUR and USD up to the amount of PLN 50,000 thousand.,
• revolving working capital loan in PLN, EUR and USD up to the amount of PLN 50,000 thousand,
• own documentary letters of credit in PLN, EUR and USD up to the amount of PLN 50,000 thousand,
• own bank guarantees in PLN, EUR and USD up to the amount of PLN 100,000 thousand.,
Moreover, as a result of the annex, the period of using the granted loan is extended from 10 August 2019 to 27 June 2022.
The basic collateral for the credit limit granted by the Bank is:
1. registered pledge on inventories with the total value not lower than PLN 16,500 thousand, along with the transfer of receivables from the insurance agreement,
2. blank promissory note together with a promissory note declaration,
3. transfer of cash receivables from selected contracts of the Company financed/guaranteed within the limit.
The financial terms and conditions on which the Company uses the granted limits do not differ from those generally applied in such agreements and are based on WIBOR, EURIBOR, LIBOR + bank margin.
Other material terms and conditions of the loan granted remained unchanged.
To the best of the Company's knowledge, there are no affiliations between Izostal S.A. and the Bank or its officers and supervisors.
The credit limit granted by the Bank constitutes a source of financing for the Company's operating activity.
SIGNATURES OF PERSONS REPRESENTING THE COMPANY:
Management Board President, Marek Mazurek 2019-07-02
Proxy, Marek Matheja 2019-07-02
INFORMATION ON THE ENTITY:
Full name of the issuer: IZOSTAL SPÓŁKA AKCYJNA
Abbreviated name of the issuer: IZOSTAL S.A.
Sector based on the classification of Warsaw Stock Exchange: Other industry
Address: 47-113 Kolonowskie, Opolska 29
Telephone: +48 77 405 65 00
Fax: +48 77 405 65 01
VAT No. [NIP]: 756-00-10-641
Statistical No. [REGON]: 530884678