Information on the occurrence of the case of reduction of credit financing specified in the terms and conditions of issue of the Series 1/2018 Bonds
(Current Report No. 5/2023)
22.02.2023 /Issuer/.
Legal basis:
Article 17 sec. 1 MAR - confidential information
The Management Board of CCC S.A. with its seat in Polkowice (the "Issuer") informs of the occurrence of the event described in para. 17(f) of the "Terms and Conditions of Issuance of Bonds Recorded for Transfer to the Depository of the National Depository for Securities, drawn up in Polkowice on June 21, 2018" (the "Terms and Conditions of Issuance"), relating to the Series 1/2018 Bonds (the "Bonds"), in the form of:
a) reductions in credit limits for revolving loans (including overdrafts) and
b) the expiration of the 60-day period following the reduction of such limits and the restoration of such limits or the provision of new limits,
collectively referred to as the "Event", which is the basis for offering Bondholders an early redemption of the Bonds in the event of a reduction in credit financing pursuant to § 13.3 of the Terms of Issue.
The Issuer provided information on the conclusion of the relevant agreements underlying the Event in its current report no. 39/2022 dated December 21, 2022.
As a result of the Event, the Issuer announces that in terms of credit limits for revolving loans (including overdrafts):
a) The total amount of credit limits made available to CCC S.A. Capital Group (CCC S.A. together with its subsidiaries, excluding Modivo S.A. and its subsidiaries - the "Group") before the occurrence of the Event amounted to PLN 849,322,600.00 (BWB 2);
b) The amount of reduction in credit limits made available to Group entities as a result of the Event was: PLN 132,677,309.00;
c) The amount of restored or made available new credit limits as a result of the Event was: PLN 130,727,335.00.
Regarding term loans, the Issuer reports that the total amount of their principal disbursed to entities of the of the Group before the occurrence of the Event amounted to PLN 362,601,000.00 (BWB 1).
The total reduction in credit financing amounted to PLN 1,949,974.42 (Net Reduction Amount - NSB). The Issuer explains that out of the total amount of debt reduction of PLN 50,000,000 reported in the current report No. 39/2022, the remaining amount of debt reduction was related to reverse factoring limits, which are not included in the Net Reduction Amount.
Regarding the occurrence of the Event, the Issuer shall, by March 7, 2023 (10 business days from February 21, 2023. - the date of expiration of the 60-day period referred to, respectively, in par. 17(f)(i), (ii) or (iii) of the Terms of Issuance, as applicable), shall offer Bondholders an early redemption of Bonds
with a maximum aggregate par value of PLN 337,000.00 (KW) (the "Pari Passu Redemption"). The number of Bonds subject to the Pari Passu Redemption shall be 337. Bonds. The par value of the Bonds subject to Pari Passu Redemption was determined in accordance with the formula contained in para. 13.3 of the Terms of Issuance, i.e. KW=(KON/BWB)*EO, where KW - means the Pari Passu Redemption Amount (rounded down), KON - means the Net Reduction Amount, BWB (BWB 1 and BWB 2) means the sum of the principal of term loans disbursed to Group entities prior to the Event and the amount of credit limits made available to Group entities prior to the occurrence of the Event, EO - the total par value of the Bonds.
The Pari Passu Redemption shall be effected by calling the Bondholders to request the redemption of the Bonds within 30 days from the date of the call. The call for the Bondholders to request the redemption of the Bonds under the Pari Passu Redemption, together with the details of such redemption, will be made by a separate announcement published by March 7, 2023.