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Annex to significant agreement Print E-mail
Own release   
31.03.2009
The Management Board of PETROLINVEST S.A. headquartered in Gdynia (the "Company") announces that on 30 March 2009 the Company concluded:
  1. with the bank Powszechna Kasa Oszczędności Bank Polski S.A. ("PKO BP") and Bank Gospodarstwa Krajowego Bank Państwowy ("BGK") - an annex to the Credit Facility Agreement dated 21 March 2007 (the "Credit Facility Agreement") concluded with those banks (the "Consortium") and
  2. with PKO BP acting as the facility agent - agreements for the transfer of rights under loan agreements extended by the Company to companies of PETROLINVEST Group with a book value of USD 72,678,500 with interest to collateralise the Credit Facility Agreement (the "Rights" and "Transfer Agreements").
The Annex to the Credit Facility Agreement was concluded in order to regulate the mutual rights and obligations of the parties to the Credit Facility Agreement in connection with an earlier decline in value of a portion of the loan collateral portfolio, of which the Company informed the public in the Consolidated Quarterly Report for Q4 2008, and also in connection with additional collateral being provided by the Company on 30 December 2008 and 18 March 2009 in the form of a pledge over 88.1% of the shares in Occidental Resources, Inc. owned by the Company.

On the terms set out in the Annex to the Credit Facility Agreement, the Consortium confirmed that it did not recognise the decline in value of the portion of the collateral portfolio below the level required by the Credit Facility Agreement as an event of default. Also, the Company provided additional collateral in the form of a transfer as collateral of receivables totalling USD 72,678,500 from loans extended by the Company pursuant to Transfer Agreements and committed to provide further collateral in the future, including a pledge over the Company's shares and stocks and transfer as collateral of USD 56,136,000 loan receivables with accrued interest.

There are no other links existing between the Company and its directors or supervisors and PKO BP, BGK and directors of PKO BP or BGK other than the Credit Facility Agreement.

The Annex to the Credit Facility Agreement is treated as a significant agreement because the value of its subject matter exceeds 10% of the Company's equity. The rights provided for in the Transfer Agreement are treated as significant value assets because their value exceeds 10% of the Company's equity.

Download current report no. 35/2009