Report No. 6/2014

20.01.2014 17:55
Conclusion of a significant agreement .

Legal basis:

Paragraph 5.1.3 of the Regulation of the Minister of Finance dated 19 February 2009 on  current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state („the Ordinance”).

Report content:

The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski SA” or “the Bank”) hereby announces that on 20 January 2014 the Bank has entered into an agreement with one of the Bank’s clients (“the Client”) and the parent undertaking of that Client (“the Parent Undertaking”), being also the Bank’s client, concerning granting by PKO Bank Polski SA of a bank guarantee limit to the Client up to the maximum amount of PLN 2 548 607 358 (further referred to as “the Agreement”).

The Agreement concerns granting at the Client’s order of:

  1. a payment guarantee up to the maximum amount of PLN 1 300 309 875 to the benefit of the general contractor of industrial infrastructure being delivered to the Client; and
  1. a payment guarantee for construction works being delivered to the Client at up to 100% of the granted bank guarantee facility amount.

The Agreement shall remain in effect for 67 months from the date of its conclusion.

The Agreement provides for collateral in the form of:

  1. a suretyship  by the Parent Undertaking up to 120% of the current amount of the granted guarantee;
  2. a statement by the Client of submission to bank enforcement (up to 120% of the bank guarantee limit) and a statement by the Parent Undertaking as the surety provider of submission to bank enforcement (up to 120% of the current amount of the granted guarantee).

The interest on the notional debt at the default on any payment arising from the guarantee shall be based on the WIBOR rate plus Bank’s margin.

The Agreement does not provide for contractual penalties.

Total value of agreements concluded between the Bank and the Client, the Parent Undertaking and the Parent Undertaking’s other subsidiary undertakings within the past 12 months  of the date of entry into the Agreement, including the value thereof, stands at circa PLN 3.1 billion.

The Agreement is an agreement of the highest value executed by the Bank with the Client, the Parent Undertaking and the Parent Undertaking’s other subsidiary undertakings within the 12 months preceding its conclusion.

Conclusion of the the Agreement meets the criteria triggering the requirement of notification of the Bank having concluded a significant agreement as its value meets the criteria referred to in § 2 section 1 point 44 of the Ordinance.

Contact for Investors

Dariusz Choryło

Director of Investor Relations
dariusz.chorylo@pkobp.pl

Investor Relations Department
ir@pkobp.pl