Ciech

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CURRENT REPORTS

Conclusion of an annexe to the loan agreement of February 10th, 2011

Current report no : 42/2012
Report date : 10/16/2012
Abbreviated name : Ciech SA
Subject : Conclusion of an annexe to the loan agreement of February 10th, 2011
Legal basis : Article 56 section 1 item 2 of the Act on the Offering – current and interim information

Report : 

The Management Board of Ciech SA, acting pursuant to § 5 section 1 item 3 of the Ordinance of the Minister of Finance of February 19th, 2009 on current and periodic information reports on the conclusion of an annexe as well as the amendment and restatement agreement to the loan agreement of February 10th, 2011 concluded by Ciech SA with Bank DnB NORD Polska S.A., Bank Handlowy w Warszawie S.A., Bank Millennium S.A., Bank Polska Kasa Opieki S.A., BRE Bank S.A., ING Bank Śląski S.A. and Powszechna Kasa Oszczędności Banki Polski S.A., described in current report no. 12/2011. The annexe and the amendment agreement will enter into force provided that Ciech SA and other companies comprising the Ciech Group, being the parties to this loan agreement, adopt relevant corporate resolutions which are required pursuant to the provisions of law or the deeds of company formation (or statutes in the case of joint stock companies) of these companies.

The above mentioned annexe as well as the amendment and restatement agreement amend the loan agreement in the following way:

  • extension of the final loan repayment period until January 31st, 2017;
  • changed schedule of principal instalment repayment with regard to fixed-term loans;
  • changed mechanism of calculation of margins on the loans granted;
  • changed provisions regarding the level of financial ratios which Ciech SA is obliged to keep: (i) replacement of the previous debt service coverage ratio (DSCR) with a standardised ratio, and (ii) change in the level of the net financial leverage ratio;
  • introduction of an obligation with regard to annual limits for capital expenditure of CIECH SA and significant companies of the Ciech Group; and
  • annulment of exposure due to the investment loan granted by the European Bank for Reconstruction and Development connected with expiration of all the rights and obligations of the European Bank for Reconstruction and Development under the above mentioned loan agreement.


Signatures of the Company’s Representatives : Dariusz Krawczyk – President of the Management Board 


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