Current Report No.: 39/2009
Date:
07.23.2009
Conclusion of a revolving credit contract at a current account with PEKAO S.A.
Pursuant to §5 sec. 1 point 3 of the Decree of the Ministry of Finance of 19th February 2009 on current and periodic information [...], the Management Board of Energomontaż-Południe S.A. (the Issuer, the Company, the Borrower) announces that on 22nd July 2009, the Company concluded a revolving credit contract in a current account with Bank Polska Kasa Opieki S.A. (the Bank, the Borrower) for the amount of PLN 13 million (the Credit), as a result of which the total value of the contracts concluded with the Bank by the Issuer and companies from its capital group amounted to PLN 20 million in the last 12 months. The said Contract is a contract of the highest value from among the contracts concluded with the Bank in the above-mentioned period.
The Credit was granted to the Company for 12 months for current economic
activity. The maturity date of the Credit falls on 30th June 2010. The interest
rate on the Credit is variable, set on a basis of the WIBOR 1M rate for each
day increased by the Bank's margin.
After the lapse of the maturity date of the Credit, the term of the Contract is renewed each time for the following twelve-month period, provided that:
- upon the Bank's request, the Borrower will deliver all documents and information indispensable for the credit analysis no later than six weeks before the lapse of the term of the Contract,
- in the irrefutable opinion of the Bank, financial standing of the Borrower will allow for maintaining the Credit in the amount specified in the Contract,
- the Borrower or the Bank will not submit a written declaration on resignation from renewal of the Contract not later than 7 working days before the lapse of the term of the Contract,
- the Bank has not proved that the Borrower breached the stipulations of the Credit Contract,
- none of the provisions of the Credit, including legal security, shall change.
Legal security of the Credit repayment is:
- contractual capped mortgage up to the amount of PLN 13 million on property situated in Będzin Łagisza at 10 Energetyczna street together with assignment of the rights from an insurance policy,
- cession of liabilities (confirmed or through effective notification) from performed commercial contracts amounting to minimum PLN 10 million,
- plenipotentiary powers to the bank accounts of the Issuer kept by Bank Pekao S.A., BRE Bank S.A. and Deutsche Bank S.A.
Moreover, pursuant to section 97, point 1 and 2 of the Act of 29th August 1997 of the Banking Law, the Borrower submitted declaration on submission to enforcement according to the Code of Civil Proceedings and expressed consent to issuance of a bank enforcement title covering claims for the Credit Contract up to the amount of PLN 26 million.
Additionally, in the event that the real value of the accepted security is lowered and the economic and financial situation of the Borrower takes a turn for the worse resulting in the necessity to create specific reserves by the Bank pursuant to the provisions of law in this scope, the Borrower shall promptly establish additional security of the Credit granted in the form accepted by the Bank on call of the Bank.
Other provisions of the Contract do not differ from the provisions commonly used for such contracts.
The Issuer acknowledges 10% of its equity capital as the criterion for acknowledging the contract as a significant value.
SIGNATURES OF THE PERSONS REPRESENTING THE COMPANY
| Andrzej Hołda | President of the Management Board |
| Alina Sowa | Vice-President of the Management Board |
Legal grounds: Art. 56 sec. 1 point 2 of the Act on the offer – current and periodic information
Attachment:
| Current Report No. 39/2009 |  0,04 MB |
