Current Report No.: 15 /2022
Current Report No.: 15 /2022
Date of Preparation: 11 March 2022
Issuer's Abbreviated Name: ENEA S.A.
Subject: Execution of a surety agreement for ENEA Trading's liabilities
Legal Basis: Article 17(1) of the Market Abuse Regulation - confidential information
Body of the report:
The Management Board of ENEA S.A. ("Issuer") hereby reports that on 11 March 2022 it signed a surety agreement with Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna ("Bank") for the liabilities of its subsidiary, ENEA Trading sp. z o.o. ("Subsidiary") up to the amount of PLN 2.400.000.000. The liabilities cover the amounts payable to the Bank by the Subsidiary under the framework agreement on cooperation in the financial market entered into by and between the Bank and the Subsidiary, including in respect of foreign exchange hedging transactions and commodity price hedging transactions, in particular forward transactions related to CO2 emission allowances executed by the Subsidiary.
The surety covers the Subsidiary's liabilities towards the Bank existing as at the date of the surety agreement and those that may arise in the future, and is due to expire on 31 December 2024 or on the date when the Subsidiary ceases to be a member of the Issuer's corporate group as a result of a spin-off of the group's selected assets.
In connection with the execution of the surety agreement, the Issuer will submit to the Bank a declaration of its voluntary submission to enforcement pursuant to Article 777(1)(5) of the Code of Civil Procedure up to the amount of the granted surety, i.e. up to PLN 2.400.000.000. The Bank may seek the issue of an enforceability clause under the said notarized statement whenever the pertinent circumstances occur by 31 December 2024.
In parallel, in connection with the execution of the surety agreement, the Issuer and the Subsidiary, on the same date, entered into an agreement governing in particular the form of securing the Subsidiary's commitments towards the Issuer and the fee payable to the Issuer for granting the surety, which was determined on an arm's length basis.
