Further to Current Report No. 20/2015, the Management Board of Grupa Lotos S.A. (“Company”) announces that on November 9th 2015 it was notified that on November 2nd 2015 a registered pledge over 100% of shares in LOTOS Asfalt Sp. z o.o., a subsidiary of the Company (“Pledgor”), was entered in the Pledge Register maintained by the District Court for Gdańsk-Północ in Gdańsk,
9th Commercial Division of the Pledge Register.
The registered pledge was created to secure the repayment of USD-denominated liabilities under
a credit facility agreement executed to acquire a part of funds necessary to finance the EFRA (Effective Refining) Project. The credit facility agreement was concluded between LOTOS Asfalt
Sp. z o.o. and a syndicate of financial institutions comprising: Bank Gospodarstwa Krajowego, Bank Millennium S.A., Bank Polska Kasa Opieki S.A. (coordinating the financing of the EFRA project), Bank Zachodni WBK S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A. and Société Générale (“Bank Syndicate”).
The total value of the liabilities under the agreement which are secured under the pledge
is up to USD 432m (i.e. PLN 1,626m, as translated at the mid rate quoted by the National Bank of Poland for June 30th 2015).
The maximum secured amount is PLN 648m (i.e. approximately PLN 2,500m, as translated
at the mid rate quoted by the National Bank of Poland for November 2nd 2015).
The carrying amount of the assets secured under the pledge. is PLN 452m.
The Company’s share in the share capital and total voting rights at the Pledgor’s General Meeting
There are no links between the Company and the Bank Syndicate, or between the Company’s management or supervisory personnel and the Bank Syndicate’s management personnel.
The total value of the pledged assets is estimated at more than 10% of the Company’s equity, which provides the grounds for the preparation of this current report.
Par. 5.1.1 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, as amended.