Current Report 25/2012

Subject:

Conclusion of the credit agreement with BRE Bank S.A.

Legal Basis:

Confidential information

Contents of the report:

The Management Board of the Issuer hereby announces that on 17 September 2012 URSUS S.A. concluded with BRE BANK S.A. with the seat in Warsaw the working capital credit agreement in EUR in the amount of 1.500.000,00 EUR. The financial means under the credit will be used by the Company for financing deliveries of URSUS tractors destined for sale on the African market. 

The agreement is concluded for definite period of time till 28 December 2012. The interest rate on the credit is variable and fixed on the basis of EURIBOR rate for 1- month deposits, increased by the Bank’s margin. 

The guarantee of the Bank’s receivables from the above agreement is the blank promissory note  together with the promissory note declaration and the acceptance of enforcement on the basis of a bank enforcement order.

Other provisions of the concluded credit agreement do not differ from the terms commonly used in this kind of agreements.