Current report no. 53/2015
Title:
Conclusion of credit agreement with Bank Polska Kasa Opieki 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 15th December 2015 the Issuer was informed about signing by URSUS S.A. and Bank Polska Kasa Opieki S.A. with the seat in Warsaw of the multipurpose credit limit agreement in the amount of 65.000.000 PLN.
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 within the implementation of the contract with The National Service Corporation Sole (SUMA JKT), of which the Issuer informed in the current report no. 38/2015.
The granted credit limit is valid till the 30th December 2016.
The security for the credit repayment are a power of attorney to administer the Issuer’s accounts held with the Bank at which the Issuer will receive payments from SUMA JKT due to the performance of the Contract and a blank promissory note along with a promissory note declaration.
The interest rate on the credit is variable and fixed on the basis of WIBOR/ EURIBOR/ LIBOR 1M rate increased by the Bank’s margin.
According to the agreement provisions, the Issuer will repay the credit from funds received from the contract concluded by URSUS S.A. and SUMA JKT. The Issuer will repay the credit first tranche in the amount of 8.800.000 USD from funds of the advance payment set out in the above-mentioned contract. Repayment of another credit tranches will be executed with funds of consecutive payments from SUMA JKT. Such repayments will constitute 24% of the amount of each payment received from SUMA JKT in connection with performance of the contract.
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).
