Signing of an annex to the Credit Agreement of 2 June 2021 and bank financing agreements with the CCC Capital Group's financing institutions
(Current report no. 39/2022)
Article 17 sec. 1 MAR - confidential information
With reference to the current report No. 32/2021 of 02.06.2021. The Management Board of CCC S.A. based in Polkowice (hereinafter: the "Issuer") announces that:
On 20 December 2022, the Issuer, CCC.eu sp. z o.o., CCC Shoes & Bags sp. z o.o., CCC Factory sp. z o.o. and HalfPrice Sp. z o.o., as borrowers and guarantors, and mBank S.A. (agent), Bank Polska Kasa Opieki S.A. (collateral agent), 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 Bank Polski S.A., Santander Bank Polska S.A. and Santander Factoring sp. z o.o., as lenders (collectively, the "Financial Institutions") entered into Annex No. 2 (the "Annex") to the Credit Agreement dated 2 June 2021. (the "Credit Agreement"), pursuant to which a portion of the CCC Group's existing debt to the Financial Institutions will be refinanced. The repayment date of the refinanced part of the financial debt was set for 24 months from the date of conclusion of the Annex, at the same time the Issuer reduced its debt in Financial Institutions by the amount of PLN 50,000,000.
The conclusion of the Annex implements the Issuer's plan to refinance part of the CCC Group's debt to the Financing Institutions in the amount of PLN 535,702,600, secured by guarantees under the portfolio guarantee line of the PLG-FGP Liquidity Guarantee Fund of BGK (current report no. 33/2022 of 27.10.2022).
The annex provides for the granting of Loan C in the form of a credit facility and reverse factoring, in the amount of PLN 219,353,439.45 for a period of availability until 20 December 2024, to refinance and repay the current financing provided by the Financial Institutions. Credit C will be drawn upon the fulfilment of the standard conditions precedent to drawdown in transactions of this type. In parallel, the available limit of Credit B has been reduced by PLN 4,547,910.68.
The Issuer and the Financial Institutions also concluded bilateral agreements, which provide for the granting of credits and reverse factoring to the CCC Group in the total amount of PLN 270,897,071.22 for the availability period until 20 December 2024, secured by guarantees under the portfolio guarantee line of the PLG-FGK BGK Crisis Guarantee Fund.
The conclusion of the new financial agreements represents the implementation stage of the deleveraging plan, which provides for the reduction of the financial debt of the CCC Group by no less than PLN 320,000,000 by the end of 2023.