The Management Board of Poznańska Korporacja Budowlana Pekabex S.A. (hereinafter referred to as the “Issuer”) would like to inform you that today Bank BGŻ BNP Paribas Spółka Akcyjna (hereinafter referred to as the “Bank”) entered into annex No. 14 (hereinafter referred to as the “Annex”) to the multi-purpose credit facility agreement of 26 March 2013 (hereinafter referred to as the “Agreement”) with Pekabex Bet S.A., a subsidiary of the Issuer (hereinafter referred to as the “Borrower”). Under the Annex, a credit facility was made available by 31 October 2019 and the credit limit for financing of the Borrower’s current operations in the form of a credit facility, a guarantee facility and letters of credit was increased to PLN 68,000,000. Within the limit, the Borrower will be able to issue guarantees up to the full amount of the limit, to use an overdraft up to PLN 11,000,000 and a revolving facility up to PLN 4,000,000, and to issue letters of credit up to PLN 5,000,000. Furthermore, securities established under the Agreement were changed accordingly, inter alia the Issuer and its subsidiaries: Pekabex Pref S.A. and Centrum Nowoczesnej Prefabrykacji sp. z o. o. entered into appropriate annexes to the security agreements, increasing the value of such securities to PLN 74,800,000 each.
Under the Annex, two new securities were established – a civil-law surety granted by Pekabex Inwestycje II S.A., another subsidiary of the Issuer, up to PLN 74,800,000, and a contractual mortgage up to PLN 102,000,000, together with assignments of rights under the insurance policy, on real property owned by the company in Badowo Mściska, Mszczonów commune.
The remaining terms of the Annex are not different from standard terms used in this kind of agreements.
The entering into the Annex was regarded as material information due to the amount of the increased credit limit and the size of changed securities, which exceed 10% of the Issuer’s consolidated equity, and due to the fact that the increase of credit limits positively affects the Issuer’s liquidity.