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11/27/2020 12:23:46 AM

Current Report No. 5/2018

08.03.2018 15:45

Financing for Elektrociepłownia Stalowa Wola S.A.

In reference to the current report no. 11/2017 of March 31, 2017 with respect to the information on actions related to obtaining new financing for the CCGT unit construction project at Stalowa Wola, the Management Board of TAURON Polska Energia S.A. (”Issuer”) announces that on March 8, 2018 Elektrociepłownia Stalowa Wola S.A. (entity in which the Issuer holds indirectly, via its TAURON Wytwarzanie S.A. subsidiary, a 50% stake in the share capital; ”Loan Taker”) signed a loan agreement with Bank Gospodarstwa Krajowego (”BGK”) and Polskie Górnictwo Naftowe i Gazownictwo S.A. (”PGNiG”).

Under the above mentioned agreement BGK and PGNiG will grant the Loan Taker a loan in the amount of PLN 450 mln each, to be used to refinance the Loan Taker’s debt towards the Issuer and PGNiG (PLN 600 mln) and to cover new capital expenditures (PLN 300 mln) allowing the Loan Taker to complete the project. The final loan repayment date is June 14, 2030.

As of the day of disclosing this current report the Loan Taker’s loan liabilities towards the Issuer were approximately PLN 610 mln.

The loan agreement provides for the funds to be paid out to the Loan Taker after the suspending conditions have been met, with one of them being presenting to BGK of a bank guarantee issued at the Issuer’s instruction and securing the Loan Taker’s debt towards BGK. The bank guarantee will be renewed annually, and its value will not exceed PLN 517.5 mln.


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