MERCOR S.A. The Management Board of Mercor SA hereby announces that on 24 November 2015, the Company received a signed Annex to the Overdraft Facility Agreement with Credit Agricole Bank Polska S.A. with its registered office in Wrocław.
Pursuant to the provisions of the Annex, the Bank made available to Mercor SA a revolving credit in the current account in the amount of PLN 15,000,000. The value of the awarded limit was increased from PLN 5,000,000 to PLN 15,000,000. The loan is to be repaid in full by 05 October 2016. The loan interest is variable and is charged on the annual basis, as the sum total of the base interest rate and the bank's margin. The base rate is WIBOR ON.
The Bank will charge the Company with an initial fee, a collateral management process fee, a fee for increasing the loan and the commitment fee. Pursuant to the agreement, the collateral includes: assignment of trade receivables, a corporate guarantee issued by Mercor HD Spółka z ograniczoną odpowiedzialnością SKA, a joint mortgage on the property in Mirosław including assignment of rights under the insurance contract for the above-mentioned property; lien on inventories and the machinery located at the Production Plant in Cieplewo with the assignment of rights under the insurance contract for the inventories and the machinery, declaration on submission to enforcement procedure by Mercor, pursuant to Art. 97 para. 1 and para. 2 of the Banking Act.
If the Issuer fails to comply with the terms of the Agreement or if the Borrower loses its creditworthiness, the Bank may reduce the amount of the awarded loan or terminate the Agreement. Pursuant to the Agreement, the Issuer obliged to: maintain the ratio of financial debt less cash and cash equivalents to the total operating profit, depreciation and amortization at a level no higher than 3.5; maintain the ratio of equity to total assets at not less than 30%; maintain the loan coverage ratio at not less than 100%; maintain the ratio of turnover on the current account with the Bank to the total turnover of the Issuer at least equal to the ratio of the total amount of working capital loans granted to the Issuer by the Bank to the total amount of the working capital loans granted to the Issuer by all banks; maintain the receivables assigned to the Bank at the level no lower than as described above.
The criterion for recognition of the annex to the agreement as of a significant value is the fact that its total value exceeds 10% of Mercor SA's equity capital.
Legal basis:
Section 5 paragraph 1 item 3 of the Regulation of the Minister of Finance on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent information required by the law of a non-member state.
|
distributed by
|
