The management board of Globe Trade Centre S.A. (the “Company”) hereby announces that, on 26 June 2015, the Company and the European Bank for Reconstruction and Development (“EBRD”) entered into an agreement for the restructuring of loans extended by the EBRD to Mars Commercial Center SRL, the owner of a shopping center in Piatra Neamt, and Mercury Commercial Center SRL, the owner of a shopping center in Arad, (together the “Borrowers”), each of which are indirect subsidiaries of the Company (the “Restructured Loans”).
To date, Restructured Loans extended by the EBRD to Borrowers have been guaranteed by the Company. Currently, the amounts of EUR 5,777,900 and EUR 27,836,346.34 are outstanding from Mars Commercial Center SRL and Mercury Commercial Center SRL, respectively.
Under the terms of the Restructured Loans, the existing guarantee of GTC will be released and GTC will become a co-borrower, jointly and severally, alongside the existing Borrowers. The restructured loans will be repaid in quarterly tranches, until 31 December 2017.
The above-described restructuring is subject to a number of standard conditions precedent, principally those relating to confirmation of remaining security interests and subordination of shareholder loans, corporate authorisations, legal opinions and other conditions standard for a transaction of this nature.
As a result of this transaction, the Borrowers will not be in breach of certain financial covenants under the Restructured Loans that existed prior to entering into the transaction.
The terms and conditions of the agreement do not differ from the generally applied standards for this type of agreement.
Legal basis: Article 56 sec. 1 and sec. 2 of the Act on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies dated 29 July 2005, as amended and Article §5.1.3) and §9 of the Regulation of the Minister of Finance regarding current and interim reports published by issuers of securities and the conditions for finding as equivalent the information required by the laws of a non-member state dated 19 February 2009, as amended.