investor relations
Report concerns:
Making credit agreement concerning execution of the Górczewska Park investment
Text of the report:
Acting on the basis of art. 56, section 1, point 1 of the Resolution dated on July 29th 2005 concerning public offers and terms of financial instruments implementation into organized system and publics companies (Dz. U. dated on 2005, No. 184, poz. 1539) J.W. Construction Holding S.A. with headquarters in Ząbki (“Company”) hereby informs, that on September 17th 2007 it made with Bank Ochrony Środowiska S.A. agreement of revolving credit, renewable one, in PLN in amount of 30.000.000 PLN. This credit is assigned to finance gross expenditures related to execution of developer project - construction of 12 buildings, multi-family, in Warsaw at 181 Górczewskiej Street (“Górczewska Park”) and to repay credit assigned to purchase land on which the investment is executed, described in Chapter XXXVI point 1.11 of emission prospect of the Company dated on May 9th 2007. Final fixed date of the credit repaying is December, 30th 2009. Interest of the credit is decided to be WIBOR 1M + bank’s margin. An indemnity of the bank credit: Mortgage, deposital, up to 41.730.000 PLN made on property localized in Warsaw at 181 Górczewskiej Street (KW WA4M/00146188/1), transfer of receivables by way of agreements made with building locals’ purchasers in scope of credited business, own bill of exchange in blanco together with bill of exchange declaration, cession of rights from insurance policy of the construction and power of attorney to dispose bank accounts run in Bank Ochrony Środowiska S.A. In connection with the agreement, the Issuer agreed the execution rigor. A condition to launch the credit is, among others, demonstration of the insurance policy of the construction and making cession of rights for the benefit of the bank as well as demonstration of application concerning entrance into mortgage book.