Current reports
Current report no. 22/2026
Conclusion of a significant financial agreement and the planned establishment of loan security on assets of significant value
Legal basis:
Art. 17 sec. 1 MAR – inside information
Content of the report:
With reference to Current Report No. 14/2026 dated June 13, 2026 regarding the commencement of negotiations on obtaining financing, the Management Board of ZE PAK S.A. (“Company”) hereby announces that the Company, as the borrower, has concluded a term loan agreement with UniCredit SpA bank with its registered office in Milan as the original lender (“Loan Agreement”).
The Loan Agreement provides for the granting to the Company of a term loan in Polish zloty up to an amount not exceeding PLN 340,000,000 (“Loan”), which is divided into two tranches: the “Green Tranche” up to PLN 295,000,000 and Tranche B up to PLN 45,000,000.
The Loan bears interest at a variable rate, which is the sum of the WIBOR base rate for the relevant interest periods and the Lender's margin. The Loan will be repaid in semi-annual instalments of varying amounts, starting on December 31, 2028. In certain cases, the Loan Agreement provides for mandatory early repayments. The Loan will be repaid no later than July 24, 2031.
The Loan Agreement obliges the Company to maintain a loan-to-value ratio (LTV Ratio)
The funds made available under the Loan Agreement will be used by the Company for:
- financing or refinancing costs or expenses related to the acquisition and implementation of projects as part of an investment project involving renewable energy source installations in the form of wind farms in Opole Voivodeship with a total expected connection capacity of approximately 500 MW ("Opole Project") (under the Green Tranche);
- financing or refinancing of costs or expenses related to the acquisition and implementation of projects as part of Opole Project, general corporate purposes, and the Company's working capital (under Tranche B).
The Loan Agreement and related documents provide for the establishment of security for the repayment of the Loan by the Company and other entities within the Company's capital group. In particular, these security measures will include:
- a registered pledge on a set of assets and rights constituting an organizational whole with a variable composition, constituting the Company's enterprise;
- registered and financial pledges on shares in selected subsidiaries of the Company;
- registered and financial pledges on bank account receivables owed to the Company and PAK HOLDCO Bis sp. z o.o., along with appropriate blocking instructions;
- an assignment to secure the Company's monetary receivables under intra-group loans and receivables arising from agreements regarding the Opole Project;
- a declaration by the Company and PAK HOLDCO Bis sp. o.o. of submission to enforcement under a notarial deed governed by Polish law;
- a subordination agreement with an assignment to secure receivables from a loan granted to the Company by related entities, along with a power of attorney to make disbursements of the loan granted to the Company; and
- a power of attorney to exercise rights attached to the pledged shares and to perform specific actions relating to the shares in the companies implementing the Opole Project, along with an agreement regarding the use of such power of attorney.
Furthermore, to secure the claims arising from the Loan Agreement, a subsidiary of the Company – PAK HOLDCO Bis sp. z o.o. (as the primary guarantor) – will provide a guarantee for the liabilities under the Loan Agreement up to a maximum amount of PLN 510,000,000. This guarantee expires on the date of full repayment of the liabilities under the Loan Agreement or on December 31, 2033, whichever comes first.
The Loan Agreement stipulates the obligation to meet standard conditions precedent to the disbursement of the Loan, as well as the obligation to meet, after the Loan is disbursed, the following conditions, which are also standard for transactions of this type.
Signatures of persons representing the Company :
Piotr Żak – President of the Management Board
Bartłomiej Drywa – Vice President of the Management Board
Maciej Nietopiel – Vice President of the Management Board