MERCOR S.A. The Management Board of Mercor SA hereby announces that on 25 September 2015, the Company received the signed copy of the non-revolving loan agreement executed with Raiffeisen Bank Polska Spółka Akcyjna.
Pursuant to the Agreement, Raiffeisen Bank Polska Spółka Akcyjna granted to the Issuer a non-revolving loan to finance the purchase of shares in the Hungarian entity Dunamenti Tuzvedelem Zrt. The loan amounts to PLN 17,000,000. The final repayment date has been set for 30 April 2023.
The credit interest is variable, based on the WIBOR rate for one-month deposits in PLN increased by the bank's mark-up. Pursuant to the Agreement, the Bank shall have the right to collect a preparatory commission fee to cover the payments made by the Bank to the Bank Guarantee Fund and the commission fee for early loan repayment, if it is repaid within the first two years.
Pursuant to the provisions of the Agreement, it is collateralized by: the power of attorney to access the current account and other accounts of Mercor held with Raiffeisen Bank Polska S.A., blank promissory note with a promissory note agreement, a joint mortgage up to the amount of PLN 22,500,000 on the real property in Mirosław, assignment of rights under the insurance contract for the above-mentioned real property, and accession to debt by Dunamenti Tuzvedelem Zrt.
Pursuant to the Agreement, the Issuer is obliged to:
maintain - throughout the term of the loan - the index calculated as the ratio of long- and short-term interest-bearing debt less cash and cash equivalents to [(operating profit adjusted for the profit on the disposal of fixed assets+depreciation)/* 4], where n is the number of quarters in the period, at the level not higher than 3.5;
maintain - throughout the term of the loan - the capitalization ratio not lower than 30%.
In case of default by the Issuer of any of the aforesaid obligations, the Bank shall have the right to terminate the Loan Agreement.
The terms and conditions of the concluded agreement comply with the applicable Bank Regulations.
The Management Board of Mercor SA also announces that in the period from March 2015 to September 2015, Mercor SA conducted forward transactions with Raiffeisen Bank Polska S.A. to a total sum of PLN 3,625,422.66. These futures were aimed at mitigating the risk associated with a possibility of increasing the cost of supplies and sales due to unforeseen fluctuations in currency exchange rates.
The criterion for recognition of the non-revolving loan agreement as significant is the fact that its total value exceeds 10% of Mercor SA's equity capital.
Legal basis:
Section 5 paragraph 1 item 3 of the Regulation of the Minister of Finance on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent information required by the law of a non-member state.
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