Current report No. 33/2014

Issue of bonds under the bond program – supplement

 

Body of the Report:

As a supplement to the current report No. 26/2014 of 6 August 2014 on the issue of bonds under the bond issue program, the Management Board of Jastrzębska Spółka Węglowa S.A. ("Company","Issuer") hereby reports that on 1 December 2014 it received a notice from the District Court in Pszczyna confirming registration of mortgage on two properties owned by the Company, which form part of the organized part of the enterprise in the form of the Company's mining plant – Pniówek Coal Mine ("KWK") in Pawłowice. The mortgage was established in favor of the mortgage administrator, that is ING Bank Śląski with its registered office in Katowice, as security for all monetary claims of bondholders against the Issuer under the bonds up to the total amount of PLN 1,050,000,000 for the PLN tranche and up to the total amount of USD 245,625,000 (of PLN 823,310,437.50 according to the average NBP exchange rate of 1 December 2014) for the USD tranche. This entry started the process of establishing collateral for the bonds mentioned in current report no. 26/2014 in the form of joint mortgages for 222 properties with a total area of 893 ha, which are owned or held in perpetual usufruct by the Company, forming part of the organized parts of the Company's enterprise in the form of the Knurów-Szczygłowice Coal Mine and the Pniówek Coal Mine, with a total market value of PLN 584.8 million.

In addition to the registration of mortgages mentioned above, in order to secure the outstanding bonds, the Company has taken steps to establish other forms of collateral. Accordingly, the Company filed motions to establish registered pledges:

a) on the chattel of the Knurów-Szczygłowice Coal Mine and the Pniówek Coal Mine with a total market value of PLN 750.2 million,

b) on receivables under three trading agreements, of which two were described in current reports nos. 41/2012 and 22/2013 and their total value annually is PLN 416 million and another trading agreement with an annual value of EUR 59.6 million (PLN 249.1 million according to the average NBP exchange rate of 1 December 2014)

c) on the Company's bank accounts.

 

Legal basis:

§ 5 sec. 1 item 11 in connection with § 3 Section 2 of the Regulation issued by the Finance Minister on 19 February 2009 on the Current and Periodic Information Transmitted by Securities Issuers and the Conditions for Recognizing the Information Required by the Regulations of a Non-Member State as Equivalent (Journal of Laws 2009 No. 33 Item 259, as amended)