Body of the Report:
With reference to current reports No. 52/2015, 55/2015, 59/2015, 60/2015 and 65/2015 The Management Board of JSW S.A. ("JSW") announces that on 30 November 2015, an annex No. 4 (“Annex”) was executed to the agreement on further cooperation of 24 September 2015 (as amended by Annex No. 1 of 16 November 2015, Annex No.2 of 20 November 2015 and Annex No. 3 of 27 November 2015) between JSW and Powszechna Kasa Oszczędności Bank Polski S.A
(“PKO Bank Polski”), Bank Gospodarstwa Krajowego (“ BGK”), ING Bank Śląski S.A. and PZU Closed Investment Fund of Non-Public Assets BIS 1(“PZU FIZAN”) as bondholders having bonds issued by JSW based on issuance program established by contract issuance program dated 30 July 2014 ("Further Cooperation Agreement ").
On the basis of the Annex bondholders pledged during the term of the Further Cooperation Agreement:
(a) to continue to refrain from the exercise of its rights of early redemption of bonds due to the lack of achievements by the Company of issuing bonds on the international capital markets by 30 July 2015 but had not waive this right;
(b) the arrangements, on the basis of due diligence, debt restructuring scenario of JSW and the JSW group through the conclusion of a restructuring agreement by 30 June 2016. (inclusive) (the "Restructuring Agreement"); and
(c) take any other action that is agreement and signing, on the basis of due diligence, within the period specified within the term of the Further Cooperation Agreement, of the list of key terms and conditions of a restructuring agreement on the debt of JSW and the companies of the JSW group ("Term Sheet ").
Moreover JSW has committed itself towards the bondholders to take a number of additional activities during the term of the Further Cooperation Agreement in the dates specifically identified in the agreement.
If the Restructuring Agreement will not enter into force until 1 July 2016. (Inclusive), JSW will be obliged to make an early redemption of some bonds of all bondholders on the conditions and time limits set out in the Further Cooperation Agreement.
In accordance with the provisions of the Annex, the Further Cooperation Agreement is valid until the expiry of the earlier of the following dates:
(a) On 30 June 2016;
(b) the date on which any party terminates the agreement due to the occurrence of breaches referred to in the Further Cooperation Agreement; or
(c) the date of conclusion of the Restructuring Agreement.
On the basis of the Annex, the Company undertook to BGK, Polish bank PKO and PZU FIZAN to make an early redemption of the Bonds for a total amount of PLN 15,000,000 on 18 December 2015.