Current reports
Current report no. 41/2022
Conclusion of a preferential loan agreement between PAK-PCE Polski Autobus Wodorowy sp. z o.o. and National Fund for Environmental Protection
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
ZE PAK SA ("Company") informs that on December 22, 2022, PAK-PCE Polski Autobus Wodorowy sp. z o.o. (an indirect subsidiary of the Company) ("Polish Hydrogen Bus", "Borrower"), concluded a loan agreement ("Agreement") with the National Fund for Environmental Protection and Water Management ("NFOŚ"), pursuant to which NFOŚ granted a loan to Polish Hydrogen Bus on preferential terms up to PLN 50 million ("Loan"). The loan is intended to finance the construction of a plant for the production of innovative hydrogen buses in Świdnik.
Pursuant to the Agreement, the Loan will be disbursed in tranches, the first tranche is to be disbursed in the first quarter of 2023. The final repayment date of the Loan is December 20, 2037. The preferential interest rate applicable to each use of the Loan is equal to WIBOR 3M (but not less than 1%). The agreement provides for the possibility for the Borrower to obtain an innovation bonus (reduction of the amount of debt to be repaid by 20%, not more than PLN 10 million) after reaching the so-called "material effect" in the form of commissioning a production plant. The agreement also provides for the redemption of 25% of the debt after reaching the so-called "ecological effect" in the form of introducing to the market an appropriate number of innovative, ecological hydrogen buses, produced by the Polish Hydrogen Bus.
The main collaterals for the repayment of the Loan are: a blank promissory note with a promissory note declaration, a promissory note guarantee from ZE PAK SA together with a promissory note declaration, a mortgage on the property on which the project is being implemented, a statement on submission to enforcement against the subject of the mortgage and a pledge on a set of things and rights - after the investment is completed.
The Borrower's other obligations under the Agreement do not differ from those commonly used in similar transactions.
The construction of the production plant is already being carried out by the Polish Hydrogen Bus in Świdnik. The Company informed about the signing of the contract for the implementation of the project in current report No. 23/2022 of June 15, 2022. The current progress of the investment is estimated at around 30%.
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Zygmunt Artwik – Vice President of the Management Board