The Management Board of Globe Trade Centre SA (the "Issuer" or the "Company") announces that on 4 December 2012, it issued 884 bearer, unsecured bonds in uncertified form, with a total nominal value of PLN 88,400,000 (the "Bonds") to certain institutional investors who were the bondholders of the bonds issued by the Company in 2007, with a par value of PLN 100,000 each (of which the Company informed in the current report no. 26/2007 of 25 April 2007, the "Existing Bonds") with the aim to extend the maturity date of the Existing Bonds through their redemption and issuance of new bonds in place of the redeemed Existing Bonds.
The nominal value and the issue price of each Bond is PLN 100,000. The Bonds will be subject to partial redemption in 1/3 of their nominal value on 30 April 2017, 31 October 2017 and 30 April 2018 (date of full redemption). The interest on the Bonds payable semi-annually is based on the 6M WIBOR and margin of 4% p.a. The purpose of the issue is to effectively prolong the maturity date of the Existing Bonds that are maturing in 2014. The value of the Issuer's obligations in terms of the unit on the last day of the quarter preceding the date of the offer to purchase was approximately PLN 1,484,008,000. The Company expects that the value of the Company’s liabilities until full redemption of the Bonds should remain at the level enabling the Company to service the payments under the Bonds in a timely manner, and that the ratio of net financial debt (as determined by reference to the most recently published, consolidated financial statements of the Company, prepared in euro, in accordance with IFRS) to the value of the assets will not exceed 70%.
Consequently, in order to extend the maturity of the financial debt of the Company arising from the Existing Bonds, the Company, acting on the basis of the resolutions of the Management Board and the Supervisory Board, purchased from the bondholders of the Existing Bonds, 1238 Existing Bonds issued in 2007 (the "Purchased Bonds") for the purpose of redemption, and as a result, the Purchased Bonds were redeemed. The purchase price of 884 Purchased Bonds equaled to their nominal value and the issue price of the Bonds and was effectively set off against the issue price of the Bonds. The average price of the remaining 354 bonds amounted to approximately 96.48% of their nominal value.
The Company plans to list the New Bonds on the alternative trading market by the end of January 2013.
Legal basis: § 5.1.11 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the laws of a state which is not a member state.