Conclusion of agreements with financing institutions
(Current Report No. 14/2020)
31.03.2020 /Issuer/
Legal basis:
Article 17 sec. 1 of MAR - confidential information
The Management Board of CCC S.A., based in Polkowice (hereinafter: 'Issuer'), informs that on 31st March 2020 it concluded with all banks and institutions financing the activities of the Issuer and some entities of the CCC Group unanimous agreements, which as of 31 March 2020 cause:
- not to consider as a waiver a potentially existing breach of the credit and financial agreements as of 23rd March 2020 as described in Current Report No 11/2020 as of 23 March 2020,
- suspension for a period of 3 (three) months of the obligation to balance current and newly created (negative) balances, including those indicated in current report no. 11/2020 as of 23rd March 2020, up to the amount of the credit limit granted on bank accounts, balances (negative) in factoring agreements and reverse factoring until 30th June 2020,
- deferring the obligation to pay current interest until 30 June 2020 and not to charge increased interest, interest for late payment, penalty interest;
- extension until 30 June 2020 of the limit for bank guarantees of PLN 65 million with a maturity date as of 31 March 2020.
For the rest, the financing conditions remain unchanged.
The parties confirmed the commencement of talks regarding changes in the terms and conditions of financing, including the extension of the maturity of non-current liabilities until June 2021 and keeping available limits provided for in financial agreements (factoring and guarantee ones).
The agreements secure keeping the stability of the Issuer's financial situation with the intention of negotiating target changes in the financing terms until the time of receiving funds from the planned issue of the Issuer's shares - which was announced by the Issuer in report no. 9/2020 as of 18th March 2020.
Signatures:
1/ Marcin Czyczerski - President of the Management Board
2/ Karol Półtorak - Vice-President of the Management Board