Current report no. 11/2014 (23.04.2014)
Title:
Conclusion of credit agreement with mBank S.A.
Legal basis:
Art. 56 sec. 1 point 2 of the Act on Public Offering – current and periodical information
Message:
The Management Board of the Issuer informs that on the 23rd April 2014 the Issuer was informed about signing by URSUS S.A. and mBank S.A. with the seat in Warsaw an open-end credit agreement in the amount not exceeding 4.000.000 USD.
The financial means of the credit are intended to finance the current activity of the Issuer and and will be used for opening and financing letters of credit for purchase of parts for production of tractors within the implementation of the contract with the Ethiopian company METALS AND ENGINEERING CORPORATION (METEC) OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA, hereinafter referred to as METEC, of which the Issuer informed in the current report no. 24/2013.
The above credit agreement was concluded for definite period till 25.11.2014. The interest rate on the credit is variable and fixed on the basis of LIBOR 1M rate increased by the Bank’s margin. The concluded credit agreement is secured with assignment to the Bank of the receivables due to URSUS S.A. from the company METEC on the supply of tractors.
Other provisions of the concluded agreement do not differ from the standard terms commonly used in this kind of agreements.
The legal grounds of transmission of the present report are § 5 sec. 1 point 3 in connection with § 9 of the Regulation of the Minister of Finance dated 19 February 2009 regarding current and interim reports published by issuers of securities and the terms of finding as equivalent the information required under the laws of any non-member state (Journal of Laws, 2009, No. 33, point 259 with subsequent changes).
