Conclusion of annexes to existing credit agreements and conclusion of a new credit agreement
The Management Board of Budimex SA announces that on 24 January 2024 the company concluded annexes to bilateral credit agreements with the banks: Bank Polska Kasa Opieki SA, Credit Agricole Bank Polska SA and ING Bank Śląski SA:
• Under the annex to the credit agreement with Bank Polska Kasa Opieki SA, the conclusion of which was reported by the company in current report No 28/2015 of 15 May 2015, Bank Polska Kasa Opieki SA extended the possible credit utilisation period until 14 May 2027. The credit amount remains unchanged, i.e. PLN 100,000,000 (say: one hundred million zlotys).
• Under the annex to the credit agreement with Credit Agricole Bank Polska SA, the conclusion of which was reported by the company in current report No 28/2015 of 15 May 2015, Credit Agricole Bank Polska SA extended the possible credit utilisation period until 31 May 2027. The credit amount remains unchanged, i.e. PLN 70,000,000 (say: seventy million zlotys).
• Under the annex to the credit agreement with ING Bank Śląski SA, the conclusion of which was reported by the company in current report No 28/2015 of 15 May 2015, ING Bank Śląski extended the possible credit utilisation period until 31 May 2027. The credit amount remains unchanged, i.e. PLN 60,000,000 (say: sixty million zlotys).
Budimex SA also concluded a new credit agreement with Societe Generale SA Branch in Poland, under which the bank made available to the company a medium-term credit in the amount of PLN 70,000,000 (say: seventy million zlotys) for a period until 31 May 2027. This agreement will replace the credit agreement mentioned by the company in current report No 28/2015 of 15 May 2015, No 82/2027 of 20 November 2017 and No 5/2021 of 20 January 2021.
Additionally, Budimex SA concluded with CaixaBank SA Branch in Poland an understanding to the credit agreement of which the company informed in current report No 05/2021 of 20 January 2021, whereby the credit availability was shortened to 24 January 2024.
At the same time, Budimex SA concluded a new credit agreement with PKO Bank Polski SA, under which the bank made available to the company an overdraft facility in the amount of PLN 100,000,000 (say: one hundred million zlotys) for a period until 31 May 2027.
The conclusion of the three above described annexes, the two new credit agreements and one understanding to a credit agreement has given the company, for a period of 3.5 years, access to the promised revolving credit facilities, securing the company’s financial liquidity for a total amount of PLN 400,000,000 (say: four hundred million zlotys).
For using the credits, the company will pay the banks interest calculated according to the WIBOR base rate applicable to a given interest period, plus a margin.
To secure the repayment of liabilities under the aforementioned credit agreements, Budimex will submit to the banks a declaration of voluntary submission to enforcement, pursuant to the provisions of the Code of Civil Procedure.
The remaining provisions are standard for agreements of this type.
The grounds for providing this information is the conclusion of agreements of a significant total value, exceeding 2% of the company’s revenue from sales.
