With reference to Current Report No. 32/2018 of 28 September 2018 regarding annexes to loan agreements, pursuant to which the target facility loan repayment granted to the Company by a consortium of banks in a total maximum amount of PLN 50 million (Loan 1) and the limit's availability date credit facility granted to the Company by Raiffeisen Bank SA under a loan agreement of November 26, 2013 (Loan 2) was established on October 12, 2018, the Management Board of OT Logistics S.A. (The Company, Issuer) informs about the conclusion of subsequent annexes extending the mentioned terms by October 26, 2018 (inclusive), on the terms described below.
The agreement amending to Loan 1 was concluded on the terms of the solving including: (1) submission by the bondholder of series G bonds issued by the Company (Bonds G) of early redemption of Bonds G, (2) imposition of security on the assets of the obligated companies (material) and in the form of sureties), (3) improper payment of the September installment of the principal (installment) due to Bank Gospodarstwa Krajowego (BGK) in connection with the loan agreement referred to in the current report No. 32/2017 and (4) failure to deliver by the Company within the given period BGK's consent to extend the repayment date of September's installment.
The amendment agreement regarding Loan 1 also includes the option of conditional extension of the Loan 1 repayment date until 16 November 2018, whose unresolved conditions are (1) agreeing to extend the repayment date of Loan 2 at least until 16 November 2018 and (2) consent by BGK regarding the October Installment.
In addition, with reference to the above Current report No. 32/2018 regarding the agreement regarding Bonds G, the Issuer informs that on October 12, 2018, closed with the Open Finance Corporate Bonds of Central and Eastern Europe closed-end investment fund Non-public Assets - the only bondholder of Bond G, with total value nominal (remaining to be bought Bonds) in the amount of PLN 17.9 million agreement on the change of terms of issue of Bonds G, providing in particular for a change in the date of buyout of the G Bonds dated October 12, 2018 as at November 16, 2018 (Agreement). The agreement was concluded under the terms of dissolution, fromwhich, at the time of publication of this current report, the only remaining one is not allowed to establish collateral on the assets of the companies obliged.
The Management Board of the Company continues to conduct negotiations regarding the reconciliation of debt refinancing conditions, which the Company regularly informs in its current reports.
Source: company website, investor relations, current and periodic reports.