The Management Board of Grupa LOTOS S.A. ("Grupa LOTOS S.A." or "the Company") reports that on August 23rd 2011 Grupa LOTOS S.A. and a consortium of four banks comprising:
- BANK POLSKA KASA OPIEKI S.A. of Warsaw,
- POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI S.A. of Warsaw,
- BRE BANK S.A. of Warsaw, and
- RABOBANK POLSKA S.A. of Warsaw,
signed an amending agreement to extend by 12 months, i.e. until December 20th 2012, the credit facility agreement for the refinancing and financing of inventories of Grupa LOTOS S.A., executed on December 20th 2007 (Current Report No. 55/2007 of Grupa LOTOS S.A. dated December 20th 2007), providing for a revolving credit facility of USD 400m (PLN 1,148,520 thousand, translated at the mid exchange rate quoted by the National Bank of Poland for August 23rd 2011).
The amending agreement was signed on the basis of provisions of the credit facility agreement of December 20th 2007 which permitted an extension of the credit facility term by an additional calendar year.
Concurrently, the Company's Management Board reports that RABOBANK POLSKA S.A. discontinues its participation in the consortium as of December 20th 2011. Pursuant to documents signed along with the amending agreement, as of that date its entire credit commitment is to be taken over by BRE BANK S.A. and NORDEA BANK POLSKA S.A. of Gdynia.
The other terms and conditions of the agreement as well as its provisions concerning penalties do not differ from those commonly used in agreements of such type.
The agreement has been classified as significant as its estimated value exceeds 10% of Grupa LOTOS S.A.’s equity.
The legal basis for the publication of this Current Report is Par. 5.1.3 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.