The management board of Globe Trade Centre S.A. (“GTC”) hereby announces that on 13 February 2020, GTC Galeria CTWA Sp. z o.o., with its registered seat in Warsaw (the “Galeria Jurajska”), a subsidiary of GTC, signed a loan facility agreement with Erste Group Bank AG (“Erste Bank”) and Raiffeisen Landesbank Niederӧsterreich-Wien AG (“Raiffeisen Bank”), (“Facility Agreement”) concerning refinancing of Galeria Jurajska located in Częstochowa. (“Project”).
The loan granted on the basis of the Facility Agreement in the amount of EUR 130,000,000 (“Loan”), refinances the existing project loan. Galeria Jurajska is required to pay interest based on 3M EURIBOR increased by applicable margin. The Loan will mature by 31 March 2025. The Loan shall be repaid in quarterly instalments with a balloon repayment of the remaining loan principal at maturity date.
The Loan will be secured, inter alia, by standard security instruments for such facilities, including among others: (i) mortgage to be established over the Project asset; (ii) a registered pledge over the shares in Galeria Jurajska; (iii) the registered pledge over Galeria Jurajska’s bank accounts, and (iv) the assignment of receivables, rights under insurance policies.
Under the Facility Agreement, among other matters, the following events may result in a default and may trigger the enforcement of security established under the Facility Agreement: (i) failure to pay amounts when due; (ii) failure to comply with financial covenants; (iii) material adverse effect; (iv) sale of property related to the Project or change of borrower’s ownership without the prior written consent of the lenders. Events of default are customary for this type of facility.
The disbursement of the loan under the above-described Facility Agreement is subject to a number of standard conditions precedent. The terms and conditions of the agreement do not differ from the generally applied standards for this type of agreement.
Legal grounds: § 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC – inside information.
13.02.2020 17:56