Grupa Kapitałowa Grupa Azoty
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Azoty Group S.A. has signed an agreement with financing institutions that ensures that the credit facilities under the financing agreements with the institutions remain available, the financing institutions will not take steps to cancel or reduce the credit facilities available under the financing agreements, and that they will not exercise certain rights under the financing agreements in connection with an actual or potential breach of the financing agreements during the term of the agreement, which has been concluded for the period until 27 February 2024. This will facilitate the formulation of a long-term restructuring plan for Grupa Azoty. The agreement was signed on 2 February 2024 by Grupa Azoty S.A. on its own behalf and for the Grupa Azoty Group companies with the following financing institutions: Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Santander Bank Polska S.A., Caixabank S.A. Polish Branch, BNP Paribas Faktoring sp. z o.o., ING Commercial Finance Polska S.A., Pekao Faktoring sp. z o.o., BNP Paribas Bank Polska S.A., Santander Factoring sp. z o.o., and Banco Santander S.A., Frankfurt Branch, as well as the European Bank for Reconstruction and Development and the European Investment Bank.
The agreement, subject to approval from the financing institutions, may be extended further.
“The signed agreement confirms that Grupa Azoty remains a reliable and secure business partner. We will continue the dialogue with the financing institutions, and our priority is to prepare a long-term restructuring plan that will allow for the further development of Grupa Azoty,” says Marek Wadowski, Vice President of the Grupa Azoty S.A. Management Board.
Under the agreement, Grupa Azoty S.A. agreed to provide certain documents to the financing institutions, introduce the agreed restrictions on making dispositions with regard to planned investments, sureties or guarantees it provides and financial liabilities it assumes, and to appoint a financial adviser to the financing institutions.
The first agreement with the financing institutions was signed by Grupa Azoty on 31 August 2023. Under that agreement, the institutions agreed to waive certain covenants laid down in the agreements on the provision of financing to Grupa Azoty and Grupa Azoty Police. The waiver was granted in response to requests submitted by these entities in June 2023. As a result, consent was given to waive the net debt/EBITDA covenant as at the end of June 2023. The agreement of 2 February 2024 was signed following further talks with the financing institutions.
Grupa Azoty S.A. fulfils all debt service and repayment obligations under the financing agreement on an ongoing basis, and the credit facilities available under the agreements ensure liquidity and secure financing for Grupa Azoty S.A. and for its liabilities to suppliers, as well as continuity of operations.