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PLN ‘000 | Dec 31 2009 | Dec 31 2008 |
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Bank loans | 5,666,207 | 3,879,749 |
Borrowings | 34,864 | 39,856 |
Total | 5,701,071 | 3,919,605 |
Non-current portion | 4,942,590 | 3,412,245 |
Current portion | 758,481 | 507,360 |
Loans and Borrowings by Lender
PLN ‘000 | Dec 31 2009 | Dec 31 2008 |
---|---|---|
Non-current portion | ||
Kredyt Bank S.A. | 26,987 | 32,987 |
Pekao S.A. | 13,190 | 22,676 |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | 25,056 | 34,856 |
Raiffeisen Bank Polska S.A. | 4,000 | 6,000 |
Bank Ochrony Środowiska S.A. | 36,902 | - |
Stablewood Power Ventures (Wladyslawowo) Ltd. |
8 | - |
Bank consortium (1)* | 1,139,513 | 1,184,720 |
Bank consortium (2)** | 2,750,485 | 1,434,195 |
Bank consortium (3)*** | 772,661 | 479,576 |
Bank consortium (5)***** | 173,788 | 217,235 |
Total non-current portion | 4,942,590 | 3,412,245 |
Current portion | ||
Kredyt Bank S.A. | 7,619 | 6,000 |
Pekao S.A. | 37,101 | 73,955 |
ING Bank Śląski S.A. | 25,533 | 24,304 |
PKO BP S.A. | 23,049 | 18,978 |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | 9,800 | 5,000 |
Raiffeisen Bank Polska S.A. | 1,952 | 2,081 |
Nordea Bank Polska S.A. | 74,867 | - |
Nordea Bank Norge ASA | 65,434 | - |
BRE Bank S.A. | - | 19,363 |
Bank consortium (1)* | 1,670 | 11,557 |
Bank consortium (2)** | 6,477 | 11,629 |
Bank consortium (3)*** | 1,760 | 3,748 |
Bank consortium (4)**** | 459,756 | 287,247 |
Bank consortium (5)***** | 43,463 | 43,498 |
Total current portion | 758,481 | 507,360 |
Total | 5,701,071 | 3,919,605 |
*Bank consortium (1): Pekao S.A., PKO BP S.A., BRE Bank S.A. and Rabobank Polska S.A.
**Bank consortium (2): Banco Bilbao Vizcaya Argentaria S.A., Bank of Tokyo-Mitsubishi UFJ (Holland) N.V., Pekao S.A., BNP Paribas S.A., Caja de Ahorros y Monte de Piedad de Madrid, Calyon, DnB Nor Bank ASA, DnB Nord Polska S.A., Fortis Bank S.A./N.V., ING Bank Śląski S.A., KBC Finance Ireland, Kredyt Bank S.A., Nordea Bank AB, PKO BP S.A., The Royal Bank of Scotland plc, Société Générale S.A., Bank Zachodni WBK S.A., Rabobank Polska S.A., Bank Gospodarki Żywnościowej S.A. and Sumitomo Mitsui Banking Corporation Europe Ltd.
***Bank consortium (3): Banco Bilbao Vizcaya Argentaria S.A., BNP Paribas S.A. and Fortis Bank S.A./N.V.
****Bank consortium (4): Pekao S.A., PKO BP S.A., BNP Paribas S.A., ING Bank Śląski S.A., Nordea Bank Polska S.A., Rabobank Polska S.A. and Bank Gospodarki Żywnościowej S.A.
*****Bank consortium (5): Pekao S.A. and PKO BP S.A..
Bank Loans Contracted by the Parent Undertaking
Execution of Loan Agreement between Grupa LOTOS S.A. and a Bank Consortium and Execution of Pledge Agreements to Secure the Loan Agreement (Bank Consortium (1))
On December 20th 2007, Grupa LOTOS S.A. and a consortium of four banks, comprising Bank Polska Kasa Opieki S.A. of Warsaw, PKO BP S.A. of Warsaw, BRE BANK S.A. of Warsaw and RABOBANK Polska S.A. of Warsaw, executed a loan agreement.
The agreement provides for a four-year revolving loan for a total amount of USD 400,000 thousand (PLN 1,004,600 thousand, translated at the mid-exchange rates quoted by the National Bank of Poland for December 19th 2007), for refinancing and financing the inventories of Grupa LOTOS S.A. The agreement was the first element of the financing strategy for the operations of Grupa LOTOS S.A. in the coming years, related to the execution of the 10+ Programme. The lending term under the agreement may be extended by the parties by one year. The basic security for the loan is an agreement on registered pledge over Grupa LOTOS S.A.’s inventories (along with the assignment of rights under agreements on storage of inventories and under insurance contracts) and agreement on pledge over cash receivables under an agreement for keeping bank accounts of Grupa LOTOS S.A. concluded in relation to the loan agreement (together with power of attorney to these accounts). The other provisions of the agreement, including those pertaining to contractual penalties, do not differ from provisions commonly applied in agreements of such type.
On December 20th 2007, Grupa LOTOS S.A. entered into two registered pledge agreements in order to secure liabilities incurred by Grupa LOTOS S.A. Pursuant to the agreements, the registered pledge created for the benefit of the lenders covers the inventories of Grupa LOTOS S.A. and cash receivables under an agreement for keeping Grupa LOTOS S.A.’s bank accounts related to the loan agreement.
As at December 31st 2009, the Company’s liability under the aforementioned loan agreement totalled USD 400m.
Execution of the Common Terms Agreement and the Related Security Agreements between Grupa LOTOS S.A. and a Group of Financial Institutions (Bank Consortia (2), (3), (4))
On June 27th 2008, Grupa LOTOS S.A. and the following institutions: Banco Bilbao Vizcaya Argentaria S.A., Banco Bilbao Vizcaya Argentaria S.A., London Branch, Banco Bilbao Vizcaya Argentaria S.A., Milan Branch, Bank Polska Kasa Opieki S.A., Bank Zachodni WBK S.A., Bank of Tokyo-Mitsubishi UFJ (Holland) N.V., BNP Paribas S.A., Caja de Ahorros y Monte de Piedad de Madrid, Caja de Ahorros y Monte de Piedad de Madrid, Zweigniederlassung Wien, Calyon, DnB Nor Bank ASA, Fortis Bank S.A./N.V., Fortis Bank S.A./N.V., - Succursale in Italia, ING Bank N.V. / ING Bank Śląski S.A., KBC Bank N.V., Dublin Branch / Kredyt Bank S.A, Nordea Bank Finland Plc, Nordea Bank Polska S.A. / Nordea Bank AB (Publ), Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna, Rabobank Polska S.A. / Bank Gospodarki Żywnościowej S.A., SACE S.p.A. - Servizi Assicurativi del Commercio Estero, Société Générale S.A. (the Polish branch), Société Générale S.A., Sumitomo Mitsui Banking Corporation Europe Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and The Royal Bank of Scotland Plc, executed a credit facility agreement to finance the implementation of the 10+ Programme and the working capital of Grupa LOTOS S.A. Bank Calyon was appointed the Senior Facility Agent, while Société Générale S.A. (the Polish branch) was assigned the role of the Senior Security Agent.
Concurrently, Grupa LOTOS S.A. executed a sub-agreement under the credit facility agreement, concerning a credit facility tranche guaranteed by SACE S.p.A. - Servizi Assicurativi del Commercio Estero, to which the following are parties: BNP Paribas S.A., Fortis Bank S.A./N.V., - Succursale in Italia, Banco Bilbao Vizcaya Argentaria S.A., Milan and SACE S.p.A. - Servizi Assicurativi del Commercio Estero.
The credit facility agreement along with the loan agreement for refinancing and financing of the inventories of Grupa LOTOS S.A. of December 20th 2007, described above, secure funds sufficient to meet the Company’s total requirement for external financing.
The agreement concerns a long-term credit facility for the total amount of USD 1,750,000 thousand (PLN 3,739,050 thousand, translated at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008), comprising an term loan facility of USD 975,000 thousand (PLN 2,083,185 thousand, translated at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008) (Bank Consortium (2)), a redrawable working capital loan facility of USD 200,000 thousand (PLN 427,320 thousand, translated at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008) (Bank Consortium (4)), an investment loan of USD 425,000 thousand guaranteed by SACE S.p.A. - Servizi Assicurativi del Commercio Estero (PLN 908,055 thousand, translated at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008) (Bank Consortium (3)) and a contingent term loan facility of USD 150,000 thousand (PLN 320,490 thousand, translated at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008) (Bank Consortium (2)). The long-term credit facility must be repaid not later than 12.5 years after the first interest payment date. The other terms and conditions of the credit facility agreement, including those pertaining to the security, do not differ from the standard terms and conditions used in agreements of such type.
The credit facility is secured principally with:
The documents constituting the security for the benefit of Société Générale S.A., the Polish branch (the Senior Security Agent), were executed concurrently with the credit facility agreement.
There are no links between Grupa LOTOS S.A. or its management staff and the banks for the benefit of which the pledges have been created or their management staff.
The value of the assets of Grupa LOTOS S.A. which have been encumbered with the pledges and the mortgage specified above does not exceed PLN 2,195,551 thousand, based on the book value as at May 31st 2008 and the maximum amount to be secured with the pledges and the mortgage specified above is USD 2,625,000 thousand (PLN 5,608,575 thousand at the mid-exchange rate quoted by the National Bank of Poland for June 27th 2008).
On July 3rd 2008, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (operating under the name of Rabobank Nederlands) acceded to the agreement between Grupa LOTOS S.A. and a group of financial institutions and to the credit facility agreement to finance the implementation of the 10+ Programme and the working capital of Grupa LOTOS S.A. and the related security agreements.
On September 1st 2008, Bank DnB NORD Polska S.A. acceded to the credit facility agreement.
On September 5th 2008, the competent District Court entered into the register of pledges a registered pledge over Grupa LOTOS S.A.’s assets (i.e. over sets of existing and future – acquired over the period of implementation of the 10+ Programme – movables, owned by Grupa LOTOS S.A. and forming a part of or closely related with the Gdańsk refinery or financed under the credit facility agreement providing for the financing of the 10+ Programme, used in production, storage and distribution of petroleum products and crude oil, along with the infrastructure and necessary auxiliary equipment, and in particular on the movables comprising the basic production installations, auxiliary production installations, equipment used to blend products, loading facilities, transport pipelines, storage tanks, CHP plants, wastewater treatment plants, water intakes, and water, electricity, process steam and compressed air systems).
On November 25th 2008, a contractual blanket security (deposit) mortgage (umowna łączna hipoteka kaucyjna) over Grupa LOTOS S.A.’s ownership title or perpetual usufruct right to the real property required for the conduct of operations by the existing and expanded Gdańsk refinery, was registered in the Grupa LOTOS S.A.’s Land and Mortgage Register entry.
As at December 31st 2009, the Company had drawn under the term loan facility USD 1,268,257 thousand (in nominal terms) (the equivalent of PLN 3,614,913 thousand, translated at the mid-exchange rate for USD quoted by the National Bank of Poland for December 31st 2009). The amount does not include letters of credit, as all of them expired (see Note 43 to these financial statements, items 9, 10, 12 and 13). The working capital loan was made available to Grupa LOTOS S.A. in the form of overdraft facilities which are used by the Company on an as-needed basis. By the date of these financial statements, funds drawn under the facility were used by Grupa LOTOS S.A. according to its needs.
Bank Loans Contracted by Subsidiary Undertakings
Loan Agreement Concluded Between Petrobaltic S.A. (Currently LOTOS Petrobaltic S.A.) and Nordea Bank Polska S.A.
On May 19th 2009, following the completion of public procurement proceedings in the form of a limited tender, Nordea Bank Polska S.A. of Gdynia and Petrobaltic S.A. executed the following agreements:
1) Framework agreement on a revolving working-capital facility, bank guarantees and letters of credit with a limit of up to PLN 100,000 thousand. The limit was granted for the period from the Agreement’s execution date until November 18th 2010, to finance the day-to-day needs of Petrobaltic S.A. related to its operational and investment activities.
Performance of the agreement is secured with:
As at December 31st 2009, Petrobaltic S.A. had drawn under the facility an amount of PLN 98,521 thousand, including under a guarantee issued for the benefit of Nordea Bank Norge ASA to secure the liabilities of LOTOS Exploration and Production Norge AS under the USD 8,000 thousand loan (the equivalent of PLN 22,802 thousand, translated at the mid-exchange rate for USD quoted by the National Bank of Poland for December 31st 2009) (see Note 43).
2) Agreement on an overdraft working-capital facility with a limit of up to PLN 50,000 thousand.
The facility was granted for the period from the Agreement’s execution date until November 18th 2010 to finance the day-to-day needs of Petrobaltic S.A. related to its operational and investment activities.
Performance of the agreement is secured with:
As at December 31st 2009, the monies made available to Petrobaltic S.A. under the above overdraft working-capital facility were blocked as security for the sureties issued by Petrobaltic S.A. for the benefit of Nordea Bank Norge ASA with respect to the liabilities of LOTOS Exploration and Production Norge AS under the loans contracted with that bank (see Note 43).
Bank Loans and Borrowings as at December 31st 2009, by Currency and by Maturity
PLN ‘000 | EUR loans | USD loans | PLN loans | Total |
---|---|---|---|---|
2010 | 2,447 | 337,886 | 418,148 | 758,481 |
2011 | 2,421 | 1,223,154 | 57,995 | 1,283,570 |
2012 | 2,421 | 193,696 | 57,995 | 254,112 |
2013 | 2,421 | 196,949 | 55,495 | 254,865 |
2014 | 2,421 | 272,140 | 55,551 | 330,112 |
beyond 2014 | 2,422 | 2,777,643 | 39,866 | 2,819,931 |
Total | 14,553 | 5,001,468 | 685,050 | 5,701,071 |
The above table presents loans and borrowings by maturity date.
As at December 31st 2009, the average effective interest rate for the loans was approx. 3.15 % (3.40% as at December 31st 2008).
Loans and borrowings as at December 31st 2009:
Bank name; form of incorporation | Registered office | Loan amount as per agreement | Outstanding loan amount (current portion) | Outstanding loan amount (non-current portion) | Maturity date | Financial terms and conditions (interest rate, interest payment schedule etc.) | Type of security | ||||
---|---|---|---|---|---|---|---|---|---|---|---|
PLN |
Foreign currency |
PLN |
Foreign currency | PLN (in ‘000) | Foreign currency (in ‘000) | Current portion | Non-current portion | ||||
Bank consortium (1) | - | - | USD 400,000 | 1,670 | USD 549 | 1,139,513 | USD 399,751 | Mar 15 2010 | Dec 20 2011 | based on 3M or 6M LIBOR USD, depending on the interest period selected at a given time + bank margin | registered pledge over inventories, registered pledge over bank accounts, assignment of rights under inventories insurance agreements, assignment of rights under inventories storage agreements, submission to enforcement |
Bank consortium (2) | - | - | USD 1,125,000 | 6,477 | USD 2,016 | 2,750,485 | USD 962,395 | Mar 15 2010 | Jan 15 2021 | based on 1M, 3M or 6M LIBOR USD, depending on the interest period selected at a given time + bank margin | mortgage, registered pledge over existing and future movables, registered pledge over bank accounts, assignment of rights under agreements for the implementation and management of the 10+ Programme, assignment of rights under insurance agreements relating to the Gdańsk refinery, assignment of licence, hedging and sale agreements with a value of over PLN 10,000 thousand per year, submission to enforcement |
Bank consortium (3) | - | - | USD 425,000 | 1,760 | USD 680 | 772,661 | USD 271,852 | Mar 15 2010 | Jan 15 2021 | fixed interest rate | |
Bank consortium (4) | - | USD 200,000 or equivalent | 278,567 | - | - | - | Overdraft facility | - | 3M WIBOR + bank margin | ||
26 | EUR 6 | - | - | 3M EURIBOR + bank margin | |||||||
181,163 | USD 63,559 | - | - | 3M LIBOR USD + bank margin | |||||||
Pekao S.A. | Warsaw | 100,000 | - | 2,263 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | submission to enforcement |
Bank consortium (5) | Warsaw | 340,000 | - | 43,463 | - | 173,788 | - | Dec 31 2010 | Dec 31 20144 | 1M WIBOR + bank margin | mortgage |
Kredyt Bank S.A. | Warsaw | 60,000 | - | 7,619 | - | 26,987 | - | Dec 31 2009 | Jun 30 2015 | 1M WIBOR + bank margin | mortgage |
PKO BP S.A. | Warsaw | 25,000 | - | 18,248 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | no security |
Pekao S.A. | Warsaw | 15,000 | - | 114 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | power of attorney over bank account, submission to enforcement, registered pledge over inventories, assignment of rights under insurance policy |
Raiffeisen Bank Polska S.A. | Rzeszów | 10,000 | - | 1,952 | - | 4,000 | - | Dec 31 2009 | Dec 28 2012 | 1M WIBOR + bank margin | power of attorney over bank account, submission to enforcement, security (deposit) mortgage (hipoteka kaucyjna), assignment of rights under insurance policy, registered pledge over inventories, registered pledge over tangible assets |
Pekao S.A. | Warsaw | 15,000 | - | 4,452 | - | - | - | Jun 30 2010 | - | 1M WIBOR + bank margin | power of attorney over bank account, submission to enforcement, registered pledge over inventories |
ING Bank Śląski S.A. | Katowice | 23,500 | - | 22,592 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | submission to enforcement |
ING Bank Śląski S.A. | Katowice | 4,500 | - | 2,941 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | mortgage, assignment of receivables |
PKO BP S.A. | Warsaw | 5,000 | - | 4,801 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | mortgage, assignment of receivables, promissory notes, pledge over inventories |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | Warsaw | 15,000 | - | 3,300 | - | - | - | Sep 30 2010 | - | 0.5 of the rediscount rate for promissory notes | surety, promissory note |
Pekao S.A. | Kraków | 26,837 | EUR 7,060 | 2,421 | EUR 590 | 12,106 | EUR 2,945 | Oct 31 2010 | Oct 31 2015 | 1M EURIBOR + bank margin | mortgage |
Pekao S.A. | Kraków | 30,000 | - | 21,304 | - | - | - | Jun 25 2010 | - | 1M WIBOR + bank margin | mortgage |
Pekao S.A. | Kraków | 44,754 | - | 32 | - | 161 | - | Oct 31 2010 | Oct 31 2015 | 1M WIBOR + bank margin | mortgage |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | Warsaw | 35,000 | - | 6,500 | - | 25,056 | - | Dec 20 2010 | Dec 20 2014 | 0.8 of the rediscount rate for promissory notes | bank guarantee, promissory note |
Pekao S.A. | Warsaw | 56,409 | USD 14,800 | 6,515 | USD 2,286 | 923 | USD 324 | Dec 31 2010 | Feb 28 2011 | 1M LIBOR USD + bank margin | mortgage |
Nordea Bank Polska S.A. | Gdynia | 100,000 | - | 74,867 | USD 26,315 | - | - | Nov 18 2010 | - | Depending on the loan currency 3M WIBOR, EURIBOR or LIBOR USD + bank margin | blank promissory note, assignment of receivables under crude oil sales agreements, submission to enforcement |
Nordea Bank Norge ASA | Stavanger | - | USD 8,000 | 22,837 | 7,994 USD | - | - | Jul 31 2010 | - | 1W LIBOR + bank margin | bank guarantee |
Nordea Bank Norge ASA | Stavanger | - | USD 11,000 | 31,179 | 10,911 USD | - | - | Jul 31 2010 | - | 1W LIBOR + bank margin | surety |
Nordea Bank Norge ASA | Stavanger | - | USD 4,000 | 11,418 | USD 3,996 | - | - | Jul 31 2010 | - | 1W LIBOR + bank margin | bank guarantee |
Bank Ochrony Środowiska S.A. | Warsaw | 68,000 | - | - | - | 22,312 | - | - | Jun 30 2016 | 1M LIBOR USD + bank margin | mortgage, transfer of ownership of tangible assets, assignment of rights under insurance policy, promissory note, assignments of rights under sales agreements |
Bank Ochrony Środowiska S.A. | Warsaw | 14,688 | - | - | - | 9,490 | - | - | Dec 20 2016 | ||
Bank Ochrony Środowiska S.A. | Warsaw | 5,100 | - | - | - | 5,100 | - | - | Jun 30 2016 | ||
Stablewood Power Ventures (Wladyslawowo) Ltd. | Worcester | 8 | - | - | - | 8 | - | - | Dec 31 2017 | 1M LIBOR + bank margin | blank promissory note |
TOTAL | 418,148 | - | 266,902 | - | |||||||
337,886 | USD 118,306 | 4,663,582 | USD 1,634,322 | ||||||||
2,447 | EUR 596 | 12,106 | EUR 2,945 | ||||||||
758,481 | - | 4,942,590 | - |
The bank margins on the contracted loans and borrowings are in the range of 0.20pp. – 4.00pp.
Bank name; form of incorporation | Registered office | Loan amount as per agreement | Outstanding loan amount (current portion) | Outstanding loan amount (non-current portion) | Maturity date | Financial terms and conditions (interest rate, interest payment schedule etc.) | Type of security | ||||
---|---|---|---|---|---|---|---|---|---|---|---|
PLN |
Foreign currency | PLN (in ‘000) | Foreign currency (in ‘000) | PLN (in ‘000) | Foreign currency (in ‘000) | Current portion | Non-current portion | ||||
PKO BP S.A. | Warsaw | 133,941 | - | 215 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | submission to enforcement |
ING Bank Śląski S.A. | Warsaw | USD 40,000 or equivalent | 82 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | submission to enforcement | |
Bank consortium (1) | - | - | USD 400,000 | 11,557 | USD 3,768 | 1,184,720 | USD 400,000 | Mar 15 2009 | Dec 20 2011 | based on 3M or 6M LIBOR USD, depending on the interest period selected at a given time + bank margin | registered pledge over inventories, registered pledge over bank accounts, assignment of rights under inventory insurance agreements, assignment of rights under inventory storage agreements, submission to enforcement |
Bank consortium (2) | - | - | USD 1,125,000 | 11,629 | USD 3,926 | 1,434,195 | USD 484,231 | Mar 15 2009 | Jan 15 2021 | based on 1M, 3M or 6M LIBOR USD, depending on the interest period selected at a given time + bank margin | mortgage, registered pledge over existing and future movables, registered pledge over bank accounts, assignment of rights under agreements for the implementation and management of the 10+ Programme, assignment of rights under insurance agreements relating to the Gdańsk refinery, assignment of licence, hedging and sale agreements with a value of over PLN 10,000 thousand per year, submission to enforcement |
Bank consortium (3) | - | - | USD 425,000 | 3,748 | USD 1,266 | 479,576 | USD 161,920 | Mar 15 2009 | Jan 15 2021 | fixed interest rate | |
Bank consortium (4) | - | USD 200,000 or equivalent | 246,093 | - | - | - | Overdraft facility | - | 3M WIBOR + bank margin | ||
8,096 | EUR 1,940 | - | - | 3M EURIBOR + bank margin | |||||||
33,058 | USD 11,161 | - | - | 3M LIBOR USD + bank margin | |||||||
Bank consortium (5) | Warsaw | 340,000 | - | 43,498 | - | 217,235 | - | Dec 31 2009 | Dec 31 2014 | 1M WIBOR + bank margin | mortgage |
Kredyt Bank S.A. | Warsaw | 60,000 | - | 6,000 | - | 32,987 | - | Dec 31 2009 | Jun 30 2015 | 1M WIBOR + bank margin | mortgage |
PKO BP S.A. | Warsaw | 25,000 | - | 13,680 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | no security |
Pekao S.A. | Warsaw | 30,000 | - | 5,678 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | power of attorney over bank account |
Raiffeisen Bank Polska S.A. | Rzeszów | 10,000 | - | 2,081 | - | 6,000 | - | Dec 31 2009 | Dec 28 2012 | 1M WIBOR + bank margin | power of attorney over bank account, submission to enforcement, security (deposit) mortgage (hipoteka kaucyjna) |
Pekao S.A. | Warsaw | 15,000 | - | 9,605 | - | - | - | Jun 30 2009 | - | 1M WIBOR + bank margin | power of attorney over bank account, submission to enforcement, registered pledge over inventories |
Pekao S.A. | Warsaw | 20,000 | - | 19,404 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | power of attorney over bank account |
ING Bank Śląski S.A. | Katowice | 23,500 | - | 21,506 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | submission to enforcement |
BRE Bank S.A. | Warsaw | 30,000 | - | 19,363 | - | - | - | Overdraft facility | - | O/N WIBOR + bank margin | blank promissory note |
ING Bank Śląski S.A. | Katowice | 6,000 | - | 856 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | mortgage, assignment of receivables |
PKO BP S.A. | Warsaw | 9,000 | - | 5,083 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | mortgage, assignment of receivables, promissory notes, pledge over inventories |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | Warsaw | 15,000 | - | 3,000 | - | 3,300 | - | Sep 30 2009 | Sep 30 2010 | 0.5 of the rediscount rate for promissory notes | surety, promissory note |
Pekao S.A. | Kraków | 26,837 | EUR 7,060 | 2,461 | EUR 590 | 14,754 | EUR 3,536 | Oct 31 2009 | Oct 31 2015 | 1M EURIBOR + bank margin | mortgage |
Pekao S.A. | Kraków | 30,000 | - | 30,005 | - | - | - | Jun 30 2009 | - | 1M WIBOR + bank margin | mortgage |
Pekao S.A. | Kraków | 44,754 | - | 32 | - | 192 | - | Oct 31 2009 | Oct 31 2015 | 1M WIBOR + bank margin | mortgage |
NFOŚiGW (The National Fund for Environmental Protection and Water Management) | Warsaw | 35,000 | - | 2,000 | - | 31,556 | - | Dec 31 2009 | Dec 20 2014 | 0.8 of the rediscount rate for promissory notes | bank guarantee, promissory note |
ING Bank Śląski S.A. | Katowice | 2,000 | - | 1,860 | - | - | - | Overdraft facility | - | 1M WIBOR + bank margin | mortgage |
Pekao S.A. | Warsaw | 56,409 | USD 14,800 | 6,770 | USD 2,286 | 7,730 | USD 2,610 | Dec 31 2009 | Feb 28 2011 | 1M LIBOR USD + bank margin | mortgage |
TOTAL | 430,041 | - | 291,270 | - | |||||||
66,762 | USD 22,407 | 3,106,221 | USD 1,048,761 | ||||||||
10,557 | EUR 2,530 | 14,754 | EUR 3,536 | ||||||||
507,360 | - | 3,412,245 | - |
The banks’ margins on the contracted loans and borrowings are in the range of 0.13pp. – 1.90pp.
This is a translation of a document originally issued in Polish
This is a translation of a document originally issued in Polish
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