CCC has a new financing agreement with banks up to the amount of PLN 885.96 million

by   CIJ News iDesk III
2021-06-04   10:46

CCC and selected subsidiaries -, CCC Shoes & Bags and CCC Factory - concluded a loan agreement with a consortium of banks for a total amount of PLN 885,962,000, the company announced. This is the last stage of work on refinancing the debt of the CCC Group.

New financing agreements were signed with Bank Handlowy, Bank Millennium, BNP Paribas Bank Polska, Bank Pekao, mBank, PKO BP, Santander Bank Polska and Santander Factoring.

The new financing agreement provides for the following loans in PLN up to the total amount of PLN 885,962,000:

1. 4-year term loan A, amortized (repaid in installments) in the amount of PLN 437,601,000 and

2. 3-year revolving working capital loan B non-amortized (repaid on the final repayment date) up to the total maximum amount of PLN 448 361 000, as well as possible use in the form of sublimits under reverse factoring, guarantees / letters of credit and overdraft facilities, as well as

3. additional (optional) C loan, which may be granted by financial institutions and other approved entities under certain conditions in the future.

Loans are made available to CCC and selected subsidiaries: in the case of A term loan - sp.z o.o. and CCC Shoes & Bags sp.z o.o., and the revolving revolving loan B - sp.z o.o., CCC Shoes & Bags sp.z o.o. and CCC Factory sp.z o.o.).

Loans are made available to refinance the current financial debt of the CCC capital group, with the exception of and its subsidiaries, refinancing of investment expenditure incurred by CCC and financing general corporate purposes, according to the company.

The financing provided under the new financing agreement will be supplemented by: BGK instruments, i.e. loans and reverse factoring in the total amount of approximately PLN 785,703,200 under the existing bilateral agreements and bilateral agreements being finalized, which are or will be guaranteed by Bank Gospodarstwa Krajowego , with a maturity of more than one year, initially planned by the company for refinancing with funds made available under loan C, existing bonds up to PLN 210,000,000 and other financing provided for in the new financing agreement as permitted debt, the company further stated.

In connection with the conclusion of the new financing agreement, additional documents were also concluded regarding the financing of the CCC Group and

CCC announced that the conclusion of a new financing agreement and related documents, as well as additional financing documents between the company, CCC subsidiaries, S.A. and financial institutions is the last stage of work on refinancing the debt of the CCC Group, the purpose of which is to ensure a stable, long-term level of financing of the CCC Group, in accordance with the business assumptions of the GO.22 strategy and the key strategic projects covered by it.

Source: ISBnews and CCC