In relation to Scope Ratings' announcement of 29 August 2025 regarding the downgrade of the rating of Globe Trade Centre S.A. (the “Company” or “GTC”) and its subsidiary GTC Real Estate Development Hungary Zrt. (“GTC Hungary”) from B+ to B-, the Management Board of GTC hereby announces that on 23 September 2025, the meetings of the bondholders of series GTC 2030/A and series GTC 2031/A bonds issued by GTC Hungary under the Bond Funding for Growth Programme (collectively the “Bonds”) approved, among others, the amendments to the terms and conditions of the Bonds with respect to remediation periods in case of deterioration of the Bonds' rating
Pursuant to the amended terms and conditions of the Bonds, the remediation period in the event that the rating of the Bonds deteriorates below B+ has been shortened from 24 months to 18 months. In the event of a deterioration of the rating of the Bonds to CCC or lower (but not to D or SD), GTC Hungary will be entitled to a one-year remediation period to achieve a minimum rating of B-, and an additional 6 months to improve the rating of the Bonds from B- to a minimum rating of B+. This mechanism replaced the previous covenant to redeem the Bonds within 90 days if the rating of the Bonds falls to CCC.
The amended terms and conditions of the Bonds also introduced new time limitations regarding maintaining a deteriorated rating. The rating of the Bonds below B+ may be maintained for a maximum period of 2 years continuously, except when the rating falls to SD or D level, which may be maintained for a maximum period of 30 days. In case of failure to improve the rating within the specified remediation periods, GTC Hungary will be obliged to redeem the Bonds within 30 days from the end of the respective period.
The foregoing amendments to the terms and conditions of the Bonds regarding the deterioration of the external rating are applicable from 29 August 2025.
Legal basis: Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council 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 (insider information).
23.09.2025 14:30