The Management Board of Grupa LOTOS S.A. (“Grupa LOTOS” or the “Company”) reports that on November 7th 2013 Grupa LOTOS S.A. and a consortium of five banks, comprising:
- BANK POLSKA KASA OPIEKI S.A. of Warsaw, Poland,
- BRE BANK S.A. of Warsaw, Poland,
- ING BANK ŚLĄSKI S.A. of Katowice, Poland,
- NORDEA BANK AB (publ) of Stockholm, Sweden,
- SOCIETE GENERALE S.A. of Paris, France,
signed an amendment extending by 12 months, i.e. until December 20th 2014, the term of the credit facility agreement for refinancing and financing of Grupa LOTOS S.A.’s inventories, made on October 10th 2012 (see: Grupa LOTOS S.A.’s Current Reports No. 32/2012 of October 10th 2012 and No. 35/2012 of October 31st 2012), providing for a revolving credit facility of up to USD 400m (i.e. PLN 1,233m, as translated at the USD/PLN mid-exchange rate quoted by the National Bank of Poland for November 7th 2013).
The amendment was executed pursuant to the relevant provisions of the credit facility agreement of October 10th 2012, stipulating that its term may be extended for subsequent twelve-month periods.
Furthermore, the Company’s Management Board reports that as of December 20th 2013 NORDEA BANK AB (publ) of Stockholm will cease to be a party to the credit facility agreement, and as of that date, based on documents signed concurrently with the amendment, its entire credit commitment will be taken over by BANK HANDLOWY W WARSZAWIE S.A. and BANK ZACHODNI WBK S.A. of Wrocław.
The amendment has been executed subject to a condition precedent that it will enter into force after the Company’s Supervisory Board has adopted and delivered to the banks a resolution approving the term extension and amendment of the credit facility agreement for refinancing of the Company’s inventories.
The other legal terms of the credit facility agreement of October 10th 2012, as well as its provisions concerning penalties, have not been changed, and they do not differ from those commonly applied in agreements of such type. The financial covenants have been adjusted to current market conditions.
The agreement is 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.