Body of the report:  

The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby reports that, following consultations with the consortium of financial institutions (“Consortium”), the terms of the financing previously disclosed by the Company in Current Report No. 9/2023 of 12 April 2023 have been amended. 

The initial financing amount of PLN 1,650 million was comprised of:

(i)  funds in the amount of PLN 730 million earmarked to finance investments and general corporate needs,
(ii)  funds in the amount of PLN 490 million earmarked to finance environmental investments,
(iii) PLN 430 million is working capital financing.

Because of its current financial position, the Company has revised its investment plans, resulting in a material reduction of environmental investment expenditures in 2025. Following negotiations with the Consortium, it has been agreed that the unused environmental portion of the financing will be reduced. As a result, the Company’s debt level under the SLL loan will not increase. In accordance with the updated terms, financing for environmental investments has been reduced to PLN 255 million.

Furthermore, during the course of negotiations the Company undertook to secure funds of at least PLN 88 million to service interest payments and to provide the Consortium with assumptions for a Remedy Plan along with a simplified financial model.

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.