12/2019 - Conclusion of a number of agreements regarding bridging financing
In reference to the Current Report of Trakcja PRKiI S.A. („Company”) No. 4/2019 from 18 February 2019 the Management Board of the Company informs that on June 13, 2019, in order to ensure the continuity of financing the operations conducted by the Company until it obtains long-term financing, the Company signed the bridging financing documentation to the total amounts:
- 31.000.000,00 PLN of a working loan opened in term contracts, which was made available under a Loan Agreement (as defined below);
- 33.000.000,00 PLN guarantee lines that have been made available under the Loan Agreement;
- 70.618.725,62 PLN guarantee lines granted on the basis of Bilateral Warranty Lines (as defined below); and
- 20.000.000,00 PLN of a loan granted under the Loan Agreement (as defined below).
based on the following agreements:
1. loan agreement ("Loan Agreement") between the Company and its subsidiaries, i.e.: Bahn Technik Wrocław sp. z o.o., PRK 7 Nieruchomości sp. z o.o., Przedsiębiorstwo Drogowo Mostowe BIAŁYSTOK S.A., Przedsiębiorstwo Produkcyjno - Usługowe "DALBA" sp. z o.o. („Podmioty Powiązane”), mBank S.A. and Credit Agricole Bank Polska S.A., under which it will be granted to the Company and Affiliates:
1.1 a revolving loan for futures contracts in the amount of PLN 31,000,000.00, with an interest rate of: WIBOR plus margin plus compulsory costs, with the repayment date falling on June 27, 2019; and
1.2 guarantee lines in the amount of PLN 33,000,000.00, under which advance payment guarantees may be granted for the Choszczno-Stargard contract or the Stargard-Szczecin-Dąbie contract, the beneficiary of which will be PKP Polskie Linie Kolejowe S.A. and performance guarantees, the beneficiaries of which will be the General Directorate for National Roads and Motorways.
2. The Loan Agreement contains statements, liabilities and violations that are required in transactions similar to the Loan Agreement. agreement between creditors ("Agreement between creditors") concluded between: the Company, Related Entities, mBank SA, Credit Agricole Bank Polska SA, Bank Polska Kasa Opieki SA, AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji SA, Credendo - Excess & Surety Societe Anonyme, operating in Poland by Credendo - Excess & Surety SA branch in Poland, Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A., Korporacja Ubezpieczeń Kredytów Eksportowych S.A., Generali Towarzystwo Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń S.A., UNIQA Towarzystwo Ubezpieczeń S.A. and COMSA, S.A.U.
Pursuant to the Agreement between the Creditors, the creditors of the Company and Affiliates agreed on the terms of cooperation during the bridge financing period.
3. an agreement on the unification of selected conditions of the Bilateral Guarantee Lines (as defined below) and a surety agreement between the Company, Related Entities, AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji SA, Credendo - Excess & Surety Societe Anonyme, operating in Poland through Credendo - Excess & Surety Spółka Akcyjna Branch in Poland, Generali Towarzystwo Ubezpieczeń SA, Korporacja Ubezpieczeń Kredytów Eksportowych SA, Sopockie Towarzystwo Ubezpieczeń ERGO Hestia SA, Powszechny Zakład Ubezpieczeń SA and UNIQA Towarzystwo Ubezpieczeń S.A .;
4. agreement for a guarantee line for a performance guarantee for the Choszczno-Stargard contract or Stargard-Szczecin Dąbie contract in the maximum amount of PLN 36,165,635.02, which has been made available by: Powszechny Zakład Ubezpieczeń SA., Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A., Korporacja Ubezpieczeń Kredytów Eksportowych S.A. and Generali Towarzystwo Ubezpieczeń S.A.;
5. agreement for a guarantee line for a guarantee of due performance of the contract in the maximum amount of PLN 27,199,180.62, which was made available by: Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A., AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A., Credendo – Excess & Surety Society Anonyme, operating in Poland through Credendo – Excess & Surety Spółka Akcyjna Oddział w Polsce and Generali Towarzystwo Ubezpieczeń S.A.;
6. contract for a guarantee line for the guarantee of payment of the bid bond up to the amount of PLN 7,257,000.00 issued or issued by UNIQA Towarzystwo Ubezpieczeń S.A. (contracts referred to in points 4-6 above collectively referred to as "Bilateral Warranty Lines");
7. loan agreement between the Company and COMSA, S.A.U. up to PLN 20,000,000.00 ("Loan Agreement") bearing interest: WIBOR plus a margin. The loan amount is to be repaid by 28 June 2019. The remaining terms of the Loan Agreement do not differ materially from those commonly used in this type of agreements.
The use of funds and the launch of guarantee lines based on the aforementioned agreements is, among other things, subject to the fulfillment by the Company and Affiliates of the terms of use and activation of guarantee lines, including detailed arrangements for long-term financing.
Claims towards the Company and Affiliates resulting from the above documents will be secured by establishing, inter alia, the following safeguards:
- a mortgage on real estate owned by the Company and Related Undertakings, including real estate located in the following cities: Warsaw, Bieńkowice, Skierdy, Sobolewo, Białystok, Bobrowniki and Marki;
- transfer for securing rights under commercial contracts, insurance, and joint loans made by the Company and Affiliates;
- pledge on shares held by the Company in (i) Bahn Technik Wrocław sp. z o.o.; (ii) PRK 7 Nieruchomości sp. z o.o.; (iii) Przedsiębiorstwo Drogowo Mostowe BIAŁYSTOK S.A.; (iv) TORPROJEKT sp. z o.o.; (v) Przedsiębiorstwo Eksploatacji Ulic i Mostów sp. z o.o.; (vi) Przedsiębiorstwo Produkcyjno - Usługowe "DALBA" sp. z o.o.; (vii) AB Kauno Tiltai;
- surety granted by the Company and Affiliates;
- a registered pledge on the set of things and rights established by the Company and Affiliates;
- a registered pledge on inventories established by the Company;
- registered pledge on machines established by Bahn Technik Wrocław sp. z o.o .;
- pledge on the Company's account; and
- voluntary submission to enforcement made by the Company and Affiliates.
Legal basis:
Article 17 paragraph 1 MAR
Back to list