Legal basis: Article 17 sec. 1 of the MAR - Confidential information.
Subject: Change of the loan agreement concluded by the subsidiary of the Issuer
Management Board of VRG S.A. with its registered office in Kraków (hereinafter: the "Issuer") informs that on July 4, 2022, documentation was concluded regarding the amendment of the multi-purpose limit credit agreement of March 9, 2015, as amended. amendments to the agreement concluded between Powszechna Kasa Oszczędności Bank Polski S.A. with its registered office in Warsaw (hereinafter: the "Bank"), and a subsidiary of the Issuer, i.e. the company W.KRUK S.A. with its registered office in Kraków (hereinafter: the "Multi-purpose Loan Agreement"), about which the Issuer informed in current reports No. 8/2015, 65/2015, 38/2017 and 38/2020.
Amendments to the Multi-Purpose Loan Agreement include the extension for a period of 24 months, i.e. until July 3, 2024, of the multi-purpose credit limit up to the amount of PLN 90,000 consisting of the following sublimits:
1) Overdraft limit up to the amount of PLN 52,000 ;
2) Multi-Purpose Loan Limit, for which it places a limit for letters of credit up to the amount of PLN 10,000 ; and a limit for bank guarantees up to the amount of PLN 40,000
as well as the Bank's resignation from the previously granted security in the form of a surety by the Issuer.
The Bank's claims under the Multi-Purpose Loan Agreement are secured by:
1) a declaration of submission to enforcement pursuant to art. 777 of the Code of Civil Procedure,
2) other securities, with the proviso that the following securities are also security for the loan granted to W.KRUK S.A. by the Bank on the basis of a term loan agreement (Kredyt B) of March 9, 2015, as amended d. up to PLN 71,400 , about which the Issuer informed in current reports No. 8/2015, 17/2015 and 38/2017, which provide:
a) a registered pledge on inventories belonging to W.KRUK S.A. ("Inventories") with a value of no less than PLN 130,000,000,
b) registered pledge on the mark "W.KRUK",
c) transfer of rights under the Inventory insurance contract,
d) an agreement concluded between the Bank and W.KRUK S.A. regulating the settlement of payment transactions made by contractors of W.KRUK S.A. using bank cards.
Additionally, in the event of failure to implement the financial covenants contained in the Multi-Purpose Loan Agreement, the content of which, however, does not differ significantly from the market standards applied in similar agreements, W.KRUK S.A. is obliged to strengthen the above-mentioned securities in the form of a civil law surety of another company from the capital group to which W.KRUK S.A. belongs - approved by the Bank.