Current report no. 22/2014 (29.05.2014)
Title:
Conclusion of a loan agreement with the Industrial Development Agency
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 hereby informs that on the 29th May 2014 the Company URSUS S.A. concluded with the Industrial Development Agency Joint Stock Company (Agencja Rozwoju Przemysłu S.A.) with the sat in Warsaw a loan agreement in the amount of 20.000.000 PLN. According to the agreement, the Issuer will use the loan amount as a supplement to the Issuer’s assets in relation to development of agricultural tractors production, changing the structure of liabilities, development and investment in designing new products in the Company’s range, as well as financial restructuring, financing contracts and orders and other pro-effective activities.
The loan payment will be made in two tranches, each in the amount of 10.000.000 PLN. Receiving the first tranche depends on filing applications for establishing securities, while the tranche will be paid after the securities will have been established.
The securities of the loan repayment, the contractual interest and other obligations of the Issuer than can result from the agreement are: a mortgage on the property situated in Biedaszki Małe near Kętrzyn covered by the land register no. OL1K/00012743/6, a registered pledge on the Issuer’s stocks located in the main seat of the Company in Lublin and its divisions in Opalenica, Dobre Miasto and Biedaszki Małe, registered pledges on industrial property rights of the trademarks URSUS, i.e. trademark protection right numbers 260749, 241814, 241813, 241812, 54394, 56476, 47098, assignment of receivables under agreements of insurance of the property included in the registered pledges and mortgage in favour of ARP S.A., the surety provided by POL-MOT Holding S.A. with the seat in Warsaw along with a declaration on submission to the enforcement procedure, blank promissory note with promissory note declaration and the Issuer’s declaration on submission to the enforcement procedure.
The interest rate on the credit per annum is variable and fixed on the basis of WIBOR rate for 1-month deposits, increased by a margin. The loan principal shall be repaid in 18 monthly installments.
According to the agreement provisions, a period of grace for the loan repayment is 6 months from the date of payment of the first tranche of the loan.
The agreement provides for payment of contractual interests, accrued monthly on the basis of the outstanding balance of the loan, according to the interest rate equal to the interest rate of the loan.
The provisions of the agreement do not provide for any other contractual penalties.
Other terms of the concluded agreement do not differ from the standard terms commonly used in loan agreements.
The concluded agreement is considered material due to the fact that its total amount exceeds 10% of the Issuer’s equity.
The legal grounds of transmission of the present report are § 5 sec. 1 point 3 in connection with § 7 and 9 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).
