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.