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Current Report No.: 14/2021

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Payment of funds under the facilities agreement and refinancing of the existing debt.

Current Report No.: 14/2021

Date of preparation: 05.05.2021

Abbreviated name of the Issuer: CIECH S.A.

Subject: Payment of funds under the facilities agreement and refinancing of the existing debt.

Legal basis: Art. 17.1 of the MAR – inside information


Report: 

With reference to Current Report No. 7/2021 of 16 March 2021 on the conclusion of the facilities agreement (the “New Facilities Agreement”) and other agreements related thereto, and Current Report No. 13/2021 of 26 April 2021 on the fulfilment of the conditions precedent for the payment of loans, the Management Board of CIECH S.A. (the “Company”, “Issuer”) herewith informs that on 5.05.2021, the entire amount was paid under:

  1. amortised A term loan (repaid in instalments) – in the amount equivalent to PLN 560.0 million, and
  2. non-amortised B term loan (repaid on the final repayment date) – in the amount equivalent to PLN 1,305.0 million,

(hereinafter jointly referred to as “Term Loans”), in the amount of PLN 1,865.0 million.

On 5.05.2021, the funds from the disbursement of the Term Loans in the amount of PLN 1 856,9 million, were allocated to the repayment of the financial debt of the Issuer's Group (the “Financial Debt”), extended in the form of:

  1. bilateral loans extended on the basis of loan agreements of 18.04.2019, with a total value of PLN 507,1 million, the conclusion of which was advised by the Company in its Current Report No. 13/2019 of 18.04.2019; and
  2. syndicated loans with a total value of PLN 1 349,8 million (“Syndicated Loans”), extended on the basis of a loan agreement of 29 October 2015 (the “Refinanced Syndicated Loan Agreement”), the conclusion of which was advised by the Company in its Current Report No. 38/2015 of 30.10.2015, as amended by the annex of 9.01.2018, the execution of which was announced by the Company in its Current Report No. 1/2018 of 9.01.2018.

The Refinanced Syndicated Loan Agreement, including Syndicated Loans and the revolving credit facility unused by the Issuer in the amount of PLN 250 million, was terminated on 5.05.2021.

The remaining reimbursed amount of the Term Loans and the amount of the revolving credit facility, extended under the New Facilities Agreement, will be used to finance refinancing expenses, interest on the refinanced Financial Debt and to finance general corporate objectives of the Company and its selected subsidiaries.

Legal basis: Article 17.1 of the Regulation of the European Parliament and of the Council (EU) No 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No 173, p. 1).

Signatures of the Company’s representatives:

  1. Dawid Jakubowicz – President of the Management Board
  2. Jarosław Romanowski – Member of the Management Board
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