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2/2018 - Extension of financing and change in cooperation with Bank Handlowy w Warszawie S.A.

The Management Board of Rawlplug S.A. ("Company") announces that today, i.e. 9 February 2018, the Company received back a signed four-party credit agreement between Bank Handlowy w Warszawie S.A. ("Bank") and the following companies ("Borrowers"):

  1. Rawlplug S.A.
  2. Koelner Polska sp. z o.o. (a subsidiary of the Company)
  3. Koelner Łańcucka Fabryka Śrub sp. z o.o. (a subsidiary of the Company).

The amount of the credit facility is PLN 45 000 000 for all of the Borrowers. The limit is made available by the Bank in the following sub-limits:

  1. Rawlplug S.A. - PLN 45 000 000, including in EUR and USD up to the EUR and USD equivalent of PLN 10 000 000.
  2. Koelner Polska sp. z o.o. - PLN 45 000 000.
  3. Koelner Łańcucka Fabryka Śrub sp. z o.o. - PLN 45 000 000, including in EUR and USD up to the EUR and USD equivalent of PLN 10 000 000.

The credit facility will be repaid by 26 February 2021. Interest on the credit facility is based on a variable interest rate the basis of which is WIBOR/EURIBOR/LIBOR (depending on the currency of choice) for one-month deposits.

This credit agreement is the first step in a process to change the way Rawlplug Group works with the Bank. The change consists of excluding subsidiary Koelner Polska sp. z o.o. from the trade credit structures that the Company communicated via current reports 15/2015 and 6/2016. Koelner Polska sp. z o.o.'s debt under the trade credit currently amounts to approx. PLN 13 000 000 and will be replaced by the three-year financing described above. This also means that the PLN 57 000 000 debt limit currently available to the company, partially used, will be replaced with a three-year current account overdraft facility.

In the next step, after converting Koelner Polska sp. z o.o.'s trade credit to a current account overdraft, the PLN 45 000 000 limit available to the Borrowers will be increased to PLN 60 000 000. The above changes are expected to be completed by 28 February 2018, which will be communicated by the Company in subsequent current reports.