Current report no 57 / 2011

Current report no 57 / 2011 - 29 June 2011 / 00:00

Conclusion of Receivables Purchase Agreement with Bank Ochrony Środowiska

The Management Board of Budimex SA (the Company) announced that on 29 June 2011 it received information from Bank Ochrony Środowiska SA (the Bank) about signing a receivables purchase agreement without the right of recourse (the Contract).
Under the Contract the Company is entitled to sell to the Bank the receivables, entitled to the Company and selected by it, arising under contracts for public works.
The limit amount which the Company may reach when selling to the Bank the above mentioned receivables is PLN 200,000,000 (say: two hundred million Polish zloty). The limit is renewable. The Bank will charge payment for the purchased receivables: discount interest calculated on the basis of WIBOR1M rate, increased by a margin and an operating commission. The Contract has been concluded for the period until 31 December 2011.
As a performance guarantee to the Company’s contractual obligations toward the Bank, the Company has granted the Bank a power of attorney for the Company’s bank account held by the Bank.
Other terms of the Contract do not differ from terms commonly applied to this type of agreements.
The Contract value exceeds 10% of the equity of Budimex SA.