Current reports

Current reports

Current reports

Current report no. 16/2016

Release of unused loan amount on modernisations of units 1-4 in the Pątnów Power Plant


Legal basis:

Art. 56 section 1 point 2 of the Public Offering Act - Current and periodic information


Contents of the report:

In reference to the current report no. 33/15 of 8 December 2015 on the arrangements concluded between Zespół Elektrowni Pątnów-Adamów-Konin S.A. (“Company”) and a consortium of banks consisting of: mBank S.A., Bank Gospodarstwa Krajowego, Bank Millennium S.A., Bank Polska Kasa Opieki S.A. and Powszechna Kasa Oszczędności Bank Polski S.A. (“Consortium,” “Lenders”) of the credit agreement in the amount of PLN 1,200 million (“Agreement”, “Credit”), the Company informs that on 10 May 2016, the Company decided to apply to the Consortium with the notice of voluntary release of the unused loan amount of PLN 533 million.


In view of the ongoing works on agreement of the content of the annex to the Agreement, the Company turned to the Consortium applying for the prolongation of a period of a waiver of the Lenders’ rights resulting from non-observance of the schedule of the commencement of the modernisation works on units 3 and 4 until signing the annex to the Agreement.


The release of the said unused Credit amount does not affect the change in the Company’s strategy involving the modernisation of units 3 and 4 in the Pątnów I Power Plant. The Company plans to complete the modernisation process, whereas in accordance with earlier declarations, the Company expects to implement system solutions that will ensure the economic profitability of the investment. Due to the inability to determine the date of the introduction of the above-mentioned system solutions, the Company decided to resign from further maintenance of the unused Credit amount, so as not to incur the associated costs.


Legal basis: § 5. 1 item 3 of the Decree of the Minister of Finance dated 19 February 2009 on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent to the information required by the law of a non-member state.


Signatures of persons representing the company:

Aleksander Grad - President of the Management Board

Adam Kłapszta - Vice President of the Management Board