Body of the report:
In reference to Current Report No. 40/2020, the Management Board of Jastrzębska Spółka Węglowa S.A. (“JSW” or “Company”) hereby reports that it was informed on 15 December 2020 that the Polish Development Fund (Polski Fundusz Rozwoju, “PFR”) granted financial support to the Company under the governmental program entitled “The Polish Development Fund’s Financial Shield for Large Companies”. The support will be granted in the form of a preferential loan in the amount of PLN 173,600,000 (one hundred seventy three million six hundred thousand Polish zloty) and the agreement should be signed immediately after its wording is agreed upon.
The loan will be disbursed upon signing the agreement and JSW satisfying the conditions set forth in the agreement, including the signing of an intercreditor agreement between, among others, the Company, PFR and the Company’s financial creditors being parties to the agreement of 9 April 2019, on which the Company reported in Current Report No. 29/2019.
Similarly to the liquidity loan granted to the Company, the preferential loan is to be disbursed no later than by the end of 2020.
The final maturity of the liabilities under the loan is 30 September 2024. At the same time, JSW may apply to PFR to cancel part of the loan in accordance with the terms and conditions set forth in the agreement and the Regulations of the “Polish Development Fund’s Financial Shield for Large Companies”, i.e. up to 75% of the Actual Covid Loss. The decision on the possible cancellation will be made by PFR.
The remaining terms and conditions of the preferential loan agreement will not generally differ from the terms and conditions agreed for the liquidity loan granted by PFR, on which the Company reported in Current Report No. 40/2020.
Legal basis: Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC