22/06/2016
Current Report No. 61/2016: Execution of loan agreement by the Issuer’s subsidiaries ItaCapital s.r.l. and InvestCapital Malta L
The Management Board of KRUK S.A. (the Issuer) announces that on June 22nd 2016 InvestCapital Malta Ltd. (InvestCapital, the Lender), a subsidiary of the Issuer, entered into a loan agreement with ItaCapital s.r.l. (ItaCapital, the Borrower), another subsidiary of the Issuer (the Agreement).
Under the Agreement, InvestCapital granted a loan of EUR 50.9m (PLN 223.5m, translated at the mid-exchange rate quoted by the National Bank of Poland for June 22nd 2016) to ItaCapital as bridge financing for a securitisation transaction executed by the Borrower. Ultimately, the securitisation transaction will be financed with proceeds raised by the Borrower from an issue of notes to the Lender.
Both companies are subsidiaries of the Issuer and members of the KRUK Group. The Issuer holds a direct equity interest of 100% in ItaCapital and an indirect equity interest of 100% in InvestCapital.
The loan was granted for the period from June 22nd 2016 to its final repayment date, which is to be immediately after the issue of notes but not later than June 21st 2017.
The loan bears interest at a variable rate set on arms’ length basis.
The Agreement contains no conditions precedent or subsequent, and envisages no contractual penalties.
The value of the loan advanced under the Agreement exceeds 10% of the Group’s revenue for the last four financial quarters, which is the criterion for considering the Agreement as material.
Other terms and conditions of the Agreement do not differ from those commonly used in agreements of such type.
Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information […]