Brief: Grupa Azoty Signs Agreement On Equity Investment And Financing Of Polimery Police Project

Grupa Azoty Zaklady Chemiczne Police SA

01/06/2020 11:24

June 1 (Reuters) - Grupa Azoty SA  ATTP.WA :
    * SAID ON SUNDAY THAT THE COMPANY AND ITS UNITS HAVE SIGNED
WITH
GRUPA LOTOS, HYUNDAI ENGINEERING AND KOREA OVERSEAS
INFRASTRUCTURE & URBAN DEVELOPMENT CORPORATION (KIND) AGREEMENT
REGARDING THE TERMS OF THE EQUITY INVESTMENT AND SUBORDINATED
DEBT FINANCING REGARDING IMPLEMENTATION OF "POLIMERY POLICE"
INVESTMENT PROJECT 
    * UNDER AGREEMENT GRUPA LOTOS COMMITTED TO INVEST IN PROJECT
THE
TOTAL AMOUNT OF 500.0 MILLION ZLOTYS BY CONTRIBUTING 300.0
MILLION ZLOTYS IN FORM OF EQUITY CONTRIBUTION FOR COVERING
INCREASED SHARE CAPITAL OF POLYOLEFINS AND TAKING UP POLYOLEFINS
NEW SHARES; AND 200 MILLION ZLOTYS IN FORM OF SUBORDINATED LOAN
    * HYUNDAI COMMITTED TO INVEST IN PROJECT TOTAL AMOUNT OF
$73.0 MLN
TO POLYOLEFINS
    * KIND COMMITTED TO INVEST IN PROJECT TOTAL AMOUNT OF $57.0
MLN BY
CONTRIBUTING $5.0 MLN IN FORM OF EQUITY CONTRIBUTION FOR
COVERING INCREASED SHARE CAPITAL OF POLYOLEFINS AND TAKING UP
POLYOLEFINS NEW SHARES; AND $52.0 MLN IN FORM OF SUBORDINATED
LOAN TO POLYOLEFINS
    * UNDER AGREEMENT THE COMPANY COMMITTED TO CONTRIBUTE UP TO
297.0
MLN ZLOTY IN FORM OF ADDITIONAL CAPITAL TO POLYOLEFINS; UNIT GA
ZAKLADY CHEMICZNE POLICE COMMITTED TO CONTRIBUTE UP TO 278.5 MLN
ZLOTY IN FORM OF ADDITIONAL CAPITAL TO POLYOLEFINS 
    * UNDER AGREEMENT THE COMPANY AND ITS UNIT (PRIMARY
SPONSORS)
COMMITTED TO GRANT POLYOLEFINS LOANS IN TOTAL AMOUNT OF 732.9
MLN ZLOTYS
    * THE SHAREHOLDING STRUCTURE OF POLYOLEFINS WILL BE AS
FOLLOWS:
PRIMARY SPONSORS WILL HOLD A TOTAL OF 64.93% SHARES (THE COMPANY
30.52%, UNIT 34.41%), GRUPA LOTOS WILL HOLD 17.3% OF SHARES,
HYUNDAI WILL HOLD 16.63% OF SHARES AND KIND WILL HOLD 1.14% OF
SHARES 

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM6H1GWqa
    
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