Current Report No.: 24/2013
Current Report No.: 24/2013
Date of preparation: 19.06.2013
Short name of issuer: ENEA S.A.
Subject: Conclusion of the loan agreement with the European Investment Bank
Legal basis: Article 56 item 1(2) of the Act on Offerings - current and periodic information
Content of report:
Acting pursuant to § 5 item 1(3) of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities [...], the Board of ENEA S.A. (Issuer, Borrower) informs that on 19 June 2013 the Issuer and the European Investment Bank (Bank) concluded a B Financial Agreement (Agreement) providing for the granting of the loan to the Borrower in the amount of PLN 475,000,000 (say: four hundred seventy five million zloty) or its equivalence in EUR (Loan), in relation to which the total value of the debt financing obtained from the Bank over the last twelve months amounted to PLN 1,425,000,000. Of the conclusion of the previous financial agreement the Issuer notified in detail in the current report No. 41/2012 of 18 October 2012 (Financial Agreement).
The funds gained from the Agreement, as the other funds obtained from the Bank pursuant to the Financial Agreement, will be designated for the funding of a multiannual investment plan in order to modernise and extend the power network of ENEA Operator Sp. z o.o. (Programme) located in North-Western Poland. The total cost of the Programme is estimated for the amount of around PLN 3,275.87 mln.
The Loan repayment period is up to 15 years from the planned disbursement of the facility. The term of the Loan availability expires on 18 October 2014. The loan will be used in maximum 4 tranches. The amount of each tranche will constitute the equivalent of the amount not lower than PLN 100,000,000 (say: one hundred million zloty) except for the last tranche, which is to amount to the unused sum of the Loan.
The interest rate of the Loan may be fixed or floating. The Borrower may select a fixed or floating interest rate for a given tranche of the loan subject to the terms specified in the Agreement. If a floating interest rate is selected, it is determined by the Bank for each period between the dates of payment (the first period commences on the date of the payment of the floating interest rate tranche). The floating interest rate for tranches in PLN equals to the relevant WIBOR rate increased with a fixed spread determined by the Bank, containing a margin specified in the Agreement. The Agreement also anticipates the use of the Loan in another currency commonly used on primary currency exchange markets.
The governing law for the Agreement is the Law of England and Wales. Any disputes connected with the Agreement will be solved by English courts.
10% of the Issuer's equity was assumed as a criterion of recognising the total value of the Agreement and the Financial Agreement as significant.
At the same time, the Issuer informs that on 19 June 2013, in relation to the execution of the Agreement an annex was additionally concluded to the agreement for the realisation of the Programme of 18 October 2012 concluded between the Issuer, Bank and ENEA Operator Sp. z o.o., regulating the issues connected with the principles of realisation of the Programme in the part based on the funds granted by the Bank, pursuant to which the rules of the Programme realisation were updated in connection with an increase of the level of engagement of the means coming from the Bank.