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Current report 11/2013 Signing master agreement

The management board of SUWARY S.A. (the “Debtor”) announces that on the present day, i.e. 18 June 2013 the Company has signed an investment credit agreement (the “Agreement”) in PLN with BRE Bank Spółka Akcyjna (the “Bank”).
Total value of the Agreement amounts to 18 million PLN (eighteen million złotys). The pecuniary resources from the credit will be purposed and applied to finance by the Debtor capitalization in a form of extras to the capital of a subsidiary Suwary Tech sp. z o.o. with its registered office in Pabianice.  The capitalization is purposed to finance achievement by Suwary Tech sp. z o.o.  of the investment project „Organization of plastic processing plant within the area of Łódzka Special Economic Zone in Ksawerów” on land plots of registration numbers: 2161/42  and 2162/7 belonging to Suwary Tech Sp. z o.o. (current report 51/2010 of 23.12.2011, 12/2011 of 03.03.2011, 40/2011 of 27.09.2011).

The Agreement is signed for duration of five years, and repayment of the first instalment will be made up till 31.01.2014. The Bank will collect interest by variable interest rate calculated annually. The amount of interest will be equal to a variable WIBOR 1M reference rate for interbank credits in PLN of quotation on two working days before the drawdown date and before the date of revaluation of a variable rate increased by the Bank margin.

Collateral for the credit is composed of:

- contractual mortgage up to the amount of 27 million PLN on the developed land property possessed by the Debtor situated in a place Pabianice, for which the District Court in Pabianice conducts real-estate registers: KW no.  LD1P/00004789/9, LD1P/00012098/7, LD1P/00004656/8, LD1P/00006014/0,  LD1P/00004837/1 (partial perpetual usufruct), LD1P/00000152/7 and undeveloped property of registration no. KW LD1P/00036580/7 as well as a part of real estate: KW no. LD1P/00000779/8,

- joint contractual mortgage up to the amount of 27 million PLN secured on a developed land property, possessed by Suwary Tech sp. z o.o., situated in a place: Ksawerów, for which the District Court in Pabianice conducts real-estate register: KW no. LD1P/00051262/3 and LD1P/00040313/6,
- promissory note in blank, which may be filled in according to the promissory note declaration up to the amount of 25 million guaranteed by Suwary Tech sp. z o.o. with its registered office in Pabianice, Suwary Development sp. z o.o. with its registered office in Pabianice and Kartpol Group sp. z o.o. with its registered office in Wołomin,
- registered pledges constituted on production lines, which will be purchased under the investment project achieved by Suwary Tech sp. z o.o. and which will constitute the ownership of Suwary Tech sp. z o.o.  

- statement on voluntary submission to execution up to the amount of 25 million PLN on the basis of a bank executory note.

The provisions concerning the contractual penalties will not exceed 10% of the Agreement amount. Pursuant to the signed agreement the Bank may suspend the Debtor’s right to further use of the credit, if position of the collaterals has been changed in comparison to the position when the decision on granting the loan was made.

In the event the Bank finds out that the conditions for granting the credit described by the Agreement have not been satisfied or in the case punctual repayment of the credit can be failed due to bad financial condition of Debtor, the Bank may:

1/       suspend the Debtor’s right to further use of the credit,

2/       terminate the credit agreement,

3/       decrease the credit amount by a part of the facility not used effective on the next working day from a date of delivery a written notification to the Debtor,

4/       demand additional collateral for the credit repayment, or submission in a defined time limit a restructuring programme and its execution after approval by the Bank,

5/       deduct its claim due to the credit agreement from the Debtor’s y, resulting from each bank account agreement conducted by the Bank for the benefit of the Debtor in termination period of the referred credit agreement, as well as after expiration of such period of termination, and in particulars in the case the Debtor files a bankruptcy petition or institutes repair proceedings.


The other conditions do not differ from the market standards applied in these types of agreements.
The amount of the equity of SUWARY S.A. is the criterion to deem the agreement as the master agreement.


In duration of the last 12 months in report no. 30/2012 of 12.09.2012, the Company announced about signing with BRE Bank S.A. annex no. 2 to the credit agreement no. 03/079/10/Z/VV for current account overdraft facility in PLN in a sum amounting to 5 million PLN.

Total value of two above agreements amounts to 23 million PLN.


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