Concluding an annex to Multi-purpose overdraft credit agreement entered into with PKO BP S.A.

Date  of issue: 2013-10-09
 
Legal basis: Art. 56 Clause 1 Item 2 of the Offering Act - current and periodic information.
 
SUBJECT: Concluding an annex to Multi-purpose overdraft credit agreement entered into with PKO BP S.A.

CONTENT OF THE REPORT:
Izostal Management SA (The Company) announces that on October 8, 2013 they became aware of signing by PKO BP S.A. with its registered office in Warsaw (the Bank) an annex to the Multipurpose overdraft credit agreement in the amount of PLN 22,000 thousand, which the Company announced in the prospectus and in the current report no 24/2013 of 9 September 2013.

As a result of the above mentioned, period of utilizing the overdraft is extended from October 9, 2013 to September 8, 2016.

Other material terms of the agreement have not changed.

As a result of concluding the annex, the Company may continue using its multipurpose overdraft credit up to the limit of PLN 22,000 thousand, within which it has an access to:

• Overdraft  in PLN and EUR up to 100% of the limit
• Revolving credit in PLN, EUR and USD up to 100% of the limit,
• Sureties in PLN, EUR, USD and LTL up to 100% of the limit,
• Letters of credit in LPN, EUR and USD up to 100% of the limit.

Funds acquired from the credit will be spent on financing current liabilities arising from the performed business activity as well as on performance of the eventual payments on account of open letters of credit or sureties granted by PKO S.A.

Credit collateral is the clause on deduction of funds from the Company’s banking accounts in PKO BP S.A., blank promissory note, registered pledge on inventory in an amount of PLN 16,500 thousand and transfer of financial liability from insurance agreement covering the above mentioned inventory.

The credit interest is WIBOR1M for credit in PLN, EURIBOR1M for credit in EUR and LIBOR1M for credit in USD plus bank margin.

The Company deems the above mentioned agreement to be significant, as its value exceeds 10% of Izostal S.A.’s equity.

Specific legal basis: §5 clause 1 item 3 of the Ordinance of the Minister of Finance of February 19, 2009 on current and periodic information disclosed by the issuers of commercial papers and the conditions for recognizing as equivalent the information required by the laws of a non-member state (Journal of Laws No. 33, item 259 as amended).

SIGNATURES OF PERSONS REPRESENTING THE COMPANY:
Management Board Vice President, Jacek Podwiński 2013-10-09
Proxy, Marek Matheja 2013-10-09
 
INFORMATION ON THE ENTITY:
Full name of the issuer: IZOSTAL SPÓŁKA AKCYJNA
Abbreviated name of the issuer:  IZOSTAL S.A
Sector based on the classification of Warsaw Stock Exchange:  Other industry
Address: 47-120 Zawadzkie Polna 3
Telephone: (77) 405 65 00
Fax: (77) 405 65 01
e-mail:info@izostal.com.pl
www.izostal.com.pl
VAT No. [NIP]:756-00-10-641
Statistical No. [REGON]: 530884678