53/2021 - Conclusion of a number of long-term financing agreements

The Management Board of Trakcja S.A. (the “Company”) informs that on 20 December 2021, the Company has signed the following annexes on long-term financing: (“Annexes”).  
1.    Annex which introduces a modified and consolidated credit agreement concluded on 13 June 2019 (as amended) between the Company and BTW sp. z o.o. (formerly “Bahn Technik Wrocław sp. z o.o.”), PRK 7 Nieruchomości sp. z o.o., Platforma Działalności Międzynarodowej S.A., Przedsiębiorstwo Produkcyjno-Usługowe „DALBA” sp. z o.o., Przedsiębiorstwo Eksploatacji Ulic i Mostów sp. z o.o., TOB Trakcja Ukraina (jointly “Affiliates"), and mBank S.A., Credit Agricole Bank Polska S.A., Bank Rozwoju Gospodarstwa Krajowego, as creditors, and Agencja Rozwoju Przemysłu S.A. [Industrial Development Agency JSC] (“ARP”) as the lender;
2.    Annex which introduces a modified and consolidated   agreement between creditors dated 13 June 2019, concluded by the Company, Affiliates, COMSA and creditors, that is: Bank Gospodarstwa Krajowego, ARP, mBank S.A, Credit Agricole Bank Polska S.A., Bank Polska Kasa Opieki S.A., UNIQA Towarzystwo Ubezpieczeń S.A., Credendo — Excess & Surety Societe Anonyme, Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A., Korporacja Ubezpieczeń Kredytów Eksportowych S.A., Generali Towarzystwo Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń S.A.;  
3.    Annex which introduces a modified and consolidated   agreement on joint conditions, concluded on 27 September 27 2019 (as amended) by the Company, Affiliates, mBank S.A., Credit Agricole Bank Polska S.A., Bank Polska Kasa Opieki S.A., Bank Gospodarstwa Krajowego and ARP, and;
4.    Annex which introduces a modified and consolidated understanding on the consolidation of selected conditions of granting guaranty and surety agreements of 13 June 2019, concluded by the Company, Affiliates, UNIQA Towarzystwo Ubezpieczeń S.A., Credendo – Excess & Surety Societe Anonyme, operating in Poland through Credendo – Excess & Surety Spółka Akcyjna Oddział w Polsce {Polish Branch], Generali Towarzystwo Ubezpieczeń S.A., Korporacja Ubezpieczeń Kredytów Eksportowych S.A., Sopockie Towarzystwo Ubezpieczeń Ergo Hestia S.A., Powszechny Zakład Ubezpieczeń S.A.,   

(the documents specified in 1-4 shall be jointly referred to as “Financing Documents”).

Pursuant to the Annexes, the Parties have decided that as of the date of their signing, certain provisions of the Financing Documents shall be modified; inter alia, selected conditions of issuing guarantees within the framework of guaranty lines, the dates of auditing financial indices has been rescheduled, the deadlines and amount of past due liabilities have been updated and the dates of establishment certain surety have been rescheduled.

Furthermore, pursuant to the Annexes, the Parties have decided that additional modifications will enter into force as regards the Financing Documents, should the following conditions be satisfied:

(i)    adoption by the Company’s general meeting by 21 December 2021 of a resolution  concerning capital injections for the Company by the taking over of shares in the Company’s increased share capital by PKP PLK S.A, in an amount of no less than PLN 200,000,000.00; and
(ii)    conclusion by 21 December 2021 of an understanding between the Company and mbank S.A. and KPMG Advisory sp. z o.o. sp.k. concerning the analysis of strategic options for the Company’s group as regards the sale of shares by the Company in the share capital of AB Kauno Tiltai; and
(iii)    submission by the Company and Affiliates, no later than by 15 December 2021, of applications for the disclosure in the register of pledges of all modifications introduced into surety documents concerning the financing granted to the Company,
in particular, extension of the deadline for completing the investment (understood as lodging an application for the registration of the increase of the Company’s share capital in the National Court Register, taking over of shares in the increased share capital in cash and unconditional making available of funds from this capital injection in an amount of no less than PLN 200,000,000.00) (“the Investment”) by 31 March 2022 or in the event the investment is not effected, extension of the deadline for the disposal of all shares in  AB Kauno Tiltai held by the Company until 31 May 2022.

Otherwise, the Parties have not introduced any material modifications in the Financing Documents.

Legal basis:
Article 17 (1) MAR