Signing of a non-binding Term Sheet with a consortium of banks confirming the terms of the new financing
(Current Report no. 24/2021)
Article 17(1) MAR - confidential information
Regarding Current Report No. 21/2021 of 30thApril 2021, the Management Board of CCC S.A. with its registered office in Polkowice (hereinafter: the "Issuer") announces that, due to obtaining the approval of the credit committees of the Issuer's financing institutions (Bank Handlowy w Warszawie S.A, Bank Millennium S.A., BNP Paribas Bank Polska S.A., Bank Polska Kasa Opieki S.A., mBank S.A., Powszechna Kasa Oszczędności Banki Polski S.A. and Santander Bank Polska S.A., hereinafter the "Financial Institutions"), on 14 May 2021. The Issuer and the Financial Institutions signed (not constituting a binding agreement) the Term Sheet document referred to in current report No. 21/2021 dated 30 April 2021, containing a summary of the terms and conditions of the new syndicated financing ("New Financing") for the Issuer and selected subsidiaries of the Issuer,
The target structure of the New Financing, according to the assumptions included in the Term Sheet, will cover a 4-year amortised term tranche and a 3-year credit tranche:
a revolving credit and product instruments (including: limits under reverse factoring, guarantees/letters of credit and overdrafts) and an additional (optional) credit tranche which may be provided under an agreed syndicated agreement by the Financial Institutions and other approved entities under certain conditions in the future.
The New Financing (while currently remaining outside the syndicated agreement structure) will be supplemented by existing loan agreements under existing bilateral agreements guaranteed by Bank Gospodarstwa Krajowego ("BGK") with maturities of more than one year.
Acquisition of the New Financing by the Issuer and the CCC Subsidiaries depends, inter alia, on the agreement on the basis of the Term Sheet on the content and signing of a binding agreement concerning the New Financing (hereinafter: the "New Financing Agreement") and other documents of the New Financing and on the fulfillment of the conditions precedent that will be indicated in the New Financing Agreement.
In accordance with the assumptions contained in the Term Sheet, the New Financing documents will provide for the establishment by the Company, as well as by the Subsidiaries of CCC, of security for the repayment of indebtedness arising from or related to the New Financing documents. Such collateral will include, inter alia, registered pledge (pledges) on a set of assets and rights constituting an organizational whole with changeable composition, forming part of the Company's enterprise and pledges on shares of the Subsidiaries of CCC, including shares in eObuwie.pl S.A.
The conclusion of the New Financing Agreement and the other New Financing documents between the Issuer, the CCC Subsidiaries and the Financial Institutions will be the next stage of the work on refinancing the debt of the CCC Capital Group (the "Group"), the purpose of which is to ensure a secure, long-term level of financing for the Group, in accordance with the business objectives of the GO.22 strategy and the key strategic projects covered by it.
1/ Mariusz Gnych - Vice-President of the Management Board
2/ Hanna Kamińska - Proxy