Current reports
Current report no. 10/2023
Conclusion of a loan agreement by Park Wiatrowy Pałczyn 1 sp. z o.o. with BANK POLSKA KASA OPIEKI S.A.
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
ZE PAK SA ("Company") informs that on April 20, 2023 Park Wiatrowy Pałczyn 1 sp. z o.o. with its registered office in Szczecin (an indirect subsidiary of the Company) ("Pałczyn 1"), concluded a loan agreement ("Agreement") with BANK POLSKA KASA OPIEKI ("Bank"), pursuant to which the Bank granted Pałczyn 1 an investment loan of up to PLN 95.5 million ("Investment Loan") and a VAT loan up to PLN 5 million ("VAT Loan" and together with the Investment Loan as "Loans"). The Loans are intended to finance and refinance the construction costs of a wind farm with a total installed capacity of 9.6 MW, located in Wielkopolskie Voivodeship, in Miłosław commune.
Pursuant to the Agreement, Park Wiatrowy Pałczyn 1, as the borrower, undertook to make its own contribution from its own funds, in the amount of not less than PLN 23.9 million. The final repayment date of the Investment Loan is December 20, 2038, while the final repayment date of the VAT Loan is December 31, 2023. The interest rate applicable to each use of the Loan is equal to the interest rate on an annual basis, which is the sum of the margin specified in the Agreement and the appropriate WIBOR rate. For granting the Loans, the Bank is entitled to commissions, the amount of which has been set at a level not differing from the market rates.
The Borrower's other obligations under the Agreement do not differ from those commonly used in similar credit transactions, particularly in terms of maintaining selected financial ratios at the level specified in the Agreement.
Completion of the construction of the wind farm is planned for the third quarter of 2023.
In connection with the Agreement, security will be established in the form of a financial and registered pledge on shares in Park Wiatrowy Pałczyn 1 sp. z o.o., a financial and registered pledge on bank accounts, and a power of attorney to each of the above-mentioned bank accounts, registered pledge on the company's assets, assignment under contracts constituting material documentation of the project, assignment under insurance policies and a statement by Park Wiatrowy Pałczyn 1 sp. z o. o. on submission to enforcement pursuant to Art. 777 § 1 item 5 and 6 of the Code of Civil Procedure.
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Andrzej Janiszowski – Vice President of the Management Board