investor relations
Subject: Conclusion of a credit agreement
Legal basis: Article 17 section 1 of MAR – confidential information
Content of the report:
The Management Board of J.W. Construction Holding S.A. with its registered office in Ząbki ("Company") informs that on 28 August 2020, the Company concluded an agreement with Bank Polska Kasa Opieki S.A. with its registered office in Warsaw ("Bank") on the basis of which the Bank granted the Company a working capital credit in the amount of PLN 23.800.000,00 ("Credit") intended for financing the current activity of the Company.
Credit material terms and conditions:
1) the final repayment date of the Credit has been set at 30 July 2022.
2) The credit limit is to be reduced according to the following schedule:
On 31 December 2021 the amount will be reduced to PLN 17.000.000
On 31 March 2022 the amount will be reduced to PLN 10.000.000
On 30 July 2022 the amount will be reduced to PLN 0
3) the interest rate is variable on a monthly basis based on WIBOR 1M base rate plus the Bank's margin;
3) the legal collateral for the Credit constitute:
a) the Company's statement on submission to the rigour of execution under Article 777 §1 point 5 of the Act on Public Procurement of the Code of Civil Procedure up to the amount of PLN 35,700,000 (say: thirty five million seven hundred thousand 00/100) to the benefit of the Bank as a security for the repayment of the principle, interest and all costs related to the collection of the debt on account of the granted credit.
b) Contractual mortgage up to the amount of PLN 23,800,000.00 on real estate owned by the Company, located in Zegrze Południowe - Rybaki at 31 Warszawska Street, constituting a plot of land No. 140/4 built-up with Hotel 500 building, for which the Land and Mortgage Register No. WA1L/00019916/3 is kept ("Real Estate"), as a security of repayment of the principal, interest and all costs related to the recovery of claims under the loan
c) Guarantee in the amount of PLN 19,040,000.00 (80 % of the loan amount) granted by Bank Gospodarstwa Krajowego S.A. under the portfolio agreement of the PLG-FGP Liquidity Guarantee Fund guarantee line with the expiration date of 30 October 2022 ("Guarantee").
d) Blank promissory note along with a promissory note declaration to the benefit of the Bank
e) Assignment of rights from the Real Estate Policy.
4) the Credit is disbursed after the collateral indicated in section 3b) - e) above is submitted to the Bank.
5) The agreement does not provide for additional contractual penalties beyond the standard provisions applied by the Bank in such agreements.
The Company considered the information about the fact of being granted a bank loan in this amount to be important information in the current economic situation.