Agreement of Term Sheet for bank financing in the amount of PLN 250,000,000 with the institutions financing the CCC Capital Group
(Current Report No. 27/2022)
Article 17 sec. 1 MAR - confidential information
The Management Board of CCC S.A. based in Polkowice (hereinafter: "Issuer") hereby informs of the agreement today of the Term Sheet (hereinafter: "Term Sheet"), concerning the amendment of the Agreement of Common Terms of Financing (hereinafter: "CTA"), referred to in current report No. 65/2020 dated November 5, 2020. The Term Sheet was agreed with the CCC Group's financing institutions, i.e. 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. (acting as agent), Powszechna Kasa Oszczędności Bank Polski S.A. and Santander Bank Polska S.A.
The agreement, which will be concluded on the basis of a Term Sheet (hereinafter: the "CTA Extension Agreement"), will extend the credit of up to PLN 250,000,000.00 granted under the CTA for a further 24 months. The credit will be secured by a guarantee of up to PLN 200,000,000.00 (80% of the financing institutions' exposure), provided by Bank Gospodarstwa Krajowego under the Crisis Guarantee Fund's portfolio guarantee line program.
The Term Sheet agreed on changes to the tested financial ratios. The changes are aimed at adjusting the level of indicators to the performance under the current economic conditions, including rising inflation, market volatility, including foreign exchange rates, the effects of Covid-19 and the ongoing war in Ukraine. The financial ratios included in the Credit Agreement dated June 2, 2021, as mentioned in current report No. 32/2021 of June 2, 2021, will be aligned with the ratios set forth in the Term Sheet.
Previously established collateral for the credit granted under the CTA will remain unchanged.
Entering into the CTA Extension Agreement requires obtaining appropriate approvals from credit committees.
The Issuer has convened a Bondholders' Meeting for October 24, 2022 (Current Report No. 26/2022 of September 30, 2022), at which it is planned to amend the "Terms and Conditions of Issuance of Registered Bonds with the possibility of transfer to the NDS depository, drawn up in Polkowice on June 21, 2018," applicable to the Series 1/2018 bonds, and adjusting the ratios adopted in these bond issuance terms to those agreed in the Term Sheet.