MERCOR S.A. The Management Board of Mercor SA hereby announces that on 04 November 2015, the Company received a signed Annex to the Overdraft Facility Agreement with Bank Zachodni WBK Spółka Akcyjna with its registered office in Wrocław.
Pursuant to the provisions of the Annex, the Bank made available to Mercor SA a revolving credit in the current account in the amount of PLN 15,000,000. The value of the limit granted remained unchanged. The loan is to be repaid in full by 31 October 2016. The loan interest is variable and based on the WIBOR rate for one-month interbank deposits plus the bank's margin. According to the agreement, the Bank will charge the Company with an initial commission fee and a service commission fee in connection with the legal fees paid to the Bank Guarantee Fund. Under the agreement, the collateral shall be: contractual mortgage on a property in Mirosław, including the assignment of rights under the insurance contract for the above-mentioned property; registered pledge on the press brake, including the assignment of rights under the insurance contract for the above-mentioned moveable asset; registered pledge on inventory of goods, including the assignment of rights under the insurance contract for the above- mentioned moveable assets; a blank promissory note issued by Mercor SA with a promissory note agreement; assignment of claims against the debtors i.e. trade partners - within the framework of the business activity conducted by Mercor; declaration on submission to enforcement procedure pursuant to Article 777 § 1 Item 5) of the Code of Civil Procedure.
The terms and conditions of the agreement comply with Bank Zachodni WBK S.A.'s General Terms and Conditions of Financing Business Operations.
On 04 November 2015, the Company received an Annex extending the validity of the agreements on the guarantee limits, concluded between the Issuer and Bank Zachodni WBK S.A. The value of the limit granted remained unchanged at the level of PLN 7,000,000. The limit granted will be available by 31 October 2016.
The Issuer concluded also the following Operating Lease Agreements with Bank Zachodni WBK:
of 08 July 2015 - with the value of PLN 195,000.00;
of 02 September 2015 - with the value of PLN 2,693,470.00;
of 30 September 2015 - with the value of PLN 403,400.00.
The value of the Issuer's forward foreign exchange transactions with Bank Zachodni WBK SA in the period of 12 months has totalled to PLN 5,863,744.03. These forwards transactions 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 an annexes to the agreements, operating lease agreements and the forward transactions as significant was the fact that their total value exceeded 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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