30. Interest-Bearing Loans and Borrowings

PLN ‘000 Dec 31 2009 Dec 31 2008
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:

  1. a mortgage with the highest ranking 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;
  2. agreement creating a registered pledge 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 aforementioned credit facility, 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;
  3. agreement creating financial and registered pledges over Grupa LOTOS S.A.’s claims under bank account agreements executed in connection with the financing of the 10+ Programme (the agreement creating the pledges does not cover claims under other bank account agreements concluded by Grupa LOTOS S.A.);
  4. agreements for the assignment of the rights and debt claims of Grupa LOTOS S.A. arising under the agreements related to the implementation of the 10+ Programme, the agreements for the management of the 10+ Programme, hedging agreements, license agreements, insurance documents (related to the Gdańsk refinery and the 10+ Programme) as well as under sales contracts concluded by Grupa LOTOS S.A. with its subsidiaries, if the contracts’ annual value exceeds PLN 10,000 thousand;

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:

  • assignment of claims under the crude oil sales agreement of June 4th 2004 between Petrobaltic S.A. and Grupa LOTOS S.A. of Gdańsk (“Crude Oil Sales Agreement”),
  • blank promissory note with a promissory note agreement (see Note 43),
  • declaration on submission to enforcement by Petrobaltic S.A.

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:

  • assignment of claims under the crude oil sales agreement of June 4th 2004 between Petrobaltic S.A. and Grupa LOTOS S.A. of Gdańsk (“Crude Oil Sales Agreement”),
  • blank promissory note along with a promissory note agreement (see Note 43),
  • declaration on submission to enforcement by Petrobaltic S.A.

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
(in ‘000)

Foreign currency
(in ‘000)

PLN
(in ‘000)

Foreign currency
(in ‘000)

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.

 

Loans and borrowings as at December 31st 2008:
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
(in ‘000)

Foreign currency
(in ‘000)

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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