Current report no. 32/2015
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 29th September 2015 the Issuer received the working capital credit agreement in the amount 8.000.000 EUR, signed by both parties, concluded by URSUS S.A. and mBank S.A. with the seat in Warsaw.
The financial means of the credit will be used for execution of payments and financing letters of credit for purchase of parts for production of tractors and trailers within the implementation of the contract with The Federal Democratic Republic of Ethiopia Sugar Corporation (ESC), of which the Issuer informed in the current report no. 26/2015.
The concluded credit agreement is secured with assignment to the Bank of the receivables due to URSUS S.A. from the Ethiopian company ESC and a blank promissory note with promissory note declaration.
The amount of the granted credit will be paid to the Issuer in two installments. The interest rate on the credit is variable and fixed on the basis of EURIBOR 1M rate increased by the Bank’s margin.
According to the provisions of the agreement, the Issuer will make successive repayments of the credit with the means from the executed contract with ESC, in the following amounts and dates:
- the amount of 2 million EUR – till the 30th November 2015,
- the amount of 1 million EUR – till the 31st December 2015,
- the amount of 1 million EUR - till the 31st January 2016,
- the amount of 4 million EUR - till the 29th February 2016.
Other provisions of the concluded agreement do not differ from the standard terms commonly used in this kind of 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 § 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).
