Current Report No.: 16/2015
Current Report No.: 16/2015
Date of preparation: 29.05.2015
Short name of issuer: Enea
Subject: Conclusion of the loan agreement with the European Investment Bank
Legal basis: Article 56 item 5 of the Act on Offerings - information update
Content of report:
In relation to the current reports relating to the financing obtained by Enea SA (Company, Issuer) from the European Investment Bank (EIB), including the current report No. 29/2014 of 12 August 2014, the Company's Management Board informs that on 29 May 2015 a loan agreement (Agreement) was concluded, pursuant to which EIB made a new financing available for the Issuer in the amount of PLN 946 mln or its equivalence in EUR, however the Agreement foresees also using the loan in another currency commonly used on the main currency exchange markets.
The funds gained from the loan will be designated for the funding of a multiannual investment plan in order to modernise and extend the power infrastructure of Enea Operator sp. z o.o. (Programme). The total cost of the Programme is estimated for the amount of around PLN 1,894 mln during 2015 - 2017.
The loan repayment period is up to 15 years from the planned disbursement of the facility. The loan availability period is 22 months of the execution of the Agreement. The loan will be used in maximum 10 tranches. The amount of each tranche will constitute the equivalent of the amount not lower than PLN 100 mln 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 EIB 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 governing law for the Agreement is the law of England and Wales. Any disputes relating to the Agreement will be solved by English courts.
At the same time the Issuer informs that on 29 May 2015 in relation to the execution of the Agreement an additional agreement was concluded on the realisation of the Programme between the Issuer, EIB and Enea Operator sp. z o.o. regulating the issues relating to the rules of the Programme realisation in the part based on the funds offered by EIB.
