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Overview

ICBC (Europe) Poland Branch extends the maturity by one year of a zł80 million PLN revolving credit facility to FAMUR for working capital purposes

Commitment Year•2019Country of Activity•PolandDirect Recipient Country of Incorporation•PolandOverseas Jurisdiction•PolandSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 8, 2019
Last repayment (originally scheduled)
May 12, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe))

Receiving agencies

Private Sector

  • FAMUR S.A.

Collateral providers

Private Sector

  • FAMUR S.A.

Loan description

ICBC (Europe) Poland Branch extends the maturity by one year of a zł80 million PLN revolving credit facility to FAMUR for working capital purposes

Interest type•Variable Interest RateLoan tenor•1-month rateMaturity•6 years

Collateral

The revolving credit facility was secured by a mortgage over the property entered in the Land and Mortgage Register under No. PT1 P/00046215/0, located in Piotrków Trybunalski, held in perpetual usufruct by FAMUR and its representation on submission to enforcement under Art. 777.1.5 of the Polish Code of Civil Procedure.

Narrative

Full Description

Project narrative

On May 12, 2016, the Poland Branch of the Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe)) entered into a zł80,000,000 PLN revolving credit facility (RCF) agreement with FAMUR S.A. — a Poland-incorporated manufacturer of mining, energy, and bulk handling machinery based in Katowice listed on the Warsaw Stock Exchange with TDJ Equity I Sp. z o.o. holding a supermajority of the share capital (70.55% equity stake), wholly-owned by TDJ S.A., a Polish family-owned investment firm — for working capital purposes. The RCF carried a maturity period of three years and a final maturity date of May 12, 2019 and an interest rate based on 1-month WIBOR (or 1-month LIBOR or 1-month EURIBOR dependent on the currency of drawing) plus a fixed margin. The RCF featured an option to convert all or part of into euros or U.S. dollars Interest accrued on a monthly basis. The RCF was secured by (i.e. collateralized against) a mortgage over the property entered in the Land and Mortgage Register under No. PT1 P/00046215/0, located in Piotrków Trybunalski, held in perpetual usufruct by FAMUR and its representation on submission to enforcement under Art. 777.1.5 of the Polish Code of Civil Procedure. The proceeds were to be used by the borrower for working capital purposes such as financing its day-to-day operations. Record ID#108967 captures this RCF. On May 8, 2019, ICBC (Europe) entered into an amendment agreement with FAMUR — with TDJ Equity I Sp. z o.o. then holding a 47.30% stake — for the RCF, in which it extended the maturity period by thee years — for a new maturity period of six years — out to May 12, 2022. Record ID#108975 captures this debt rescheduling. On May 11, 2022, the Poland Branch of the ICBC (Europe) entered into a zł80,000,000 PLN RCF agreement with FAMUR — with TDJ Equity I Sp. z o.o. then holding a 50.59% stake — for refinancing and working capital purposes. The RCF carried a maturity period of three years and a final maturity date of May 13, 2025. The proceeds were to be used by the borrower for working capital purposes and to replace (renew/replace) the existing zł80 million PLN RCF. Record ID#108976 captures this RCF.