Binding offer to extend the credit financing of 260,000,000.00 PLN of the Issuer's subsidiary company
(Current Report No. 11/2023)
Article 17 sec. 1 MAR - confidential information
CCC S.A. based in Polkowice (the "Issuer") informs, with reference to Current Report No. 6/2022 dated April 29, 2022, that on April 13, 2023, that Modivo S.A., a subsidiary of the Issuer, received from Bank Polska Kasa Opieki S.A. and accepted a binding offer to extend, while retaining the existing material terms and conditions, for another 12-month period, i.e. until April 29, 2024, the availability period of the multi-purpose credit limit dated October 26, 2017 up to a total amount of PLN 260,000,000.00. The extension of the availability period of the credit limit will take place after signing the relevant loan documentation until April 29, 2023.
The extended credit limit will be used to finance Modivo S.A.'s current operations. in the form of: an overdraft, a limit for guarantees and letters of credit in Polish zlotys and in EUR and USD currencies, import letters of credit with a maximum validity period and deferred payment of 12 months, bank guarantees securing liabilities arising from the current activities of Modivo S.A. (as well for the liabilities of entities belonging to the Issuer's capital group) excluding guarantees securing repayment of liabilities to banks and financial institutions, with a validity period of up to 12 months. Individual credit products may be activated up to the amount of the extended credit limit in accordance with Modivo S.A.'s needs.
After signing the loan documentation in accordance with Bank Polska Kasa Opieki S.A.'s offer, based on the agreements reached with the other financial institutions: Pekao Faktoring Sp. z o.o. and PKO Bank Polski S.A., as well as Softbank's bondholder, the net financial debt to EBITDA ratio will not be tested on July 31, 2023; instead, Modivo S.A. will report the company's established level of net financial debt on a one-time basis.
Other terms and conditions do not differ from those commonly used for this type of contract.