Current report no 60 / 2011

Current report no 60 / 2011 - 5 July 2011 / 00:00

Signing of a credit agreement by Budimex Nieruchomości Sp. z o.o.

The Board of Directors of Budimex SA reports that on 4 July 2011 Budimex Nieruchomości Sp. z o.o. (subsidiary associated with Budimex SA in 100%) signed a credit agreement with Bank Pekao SA with its registered office in Warsaw to co-finance and refinance the costs connected with execution of a real property development project.
Credit amount: PLN 87,870,400
Interest: based on Wibor 1M plus margin
mortgage to an amount constituting 150% of the credit amount,
first ranked registered pledge (and financial pledge by the time of its registration) according to the provisions from the Bank Account Agreement,
block on the Escrow Account and conditional block on the Project Account in the event of a Violation,
collateral assignment of receivables payable to the Borrower under the Real Property insurance agreement and the Project insurance agreement,
collateral assignment of cash receivables payable to the Borrower under the Construction Contract, the Flat Construction Agreements entered into with Flat purchasers and other agreements connected with Project execution, under performance bonds and other bonds connected with these agreements;
Final credit repayment date: 31 January 2014
Other terms of the agreement do not differ from terms and conditions commonly applied to this type of agreement.
The contract value exceeds 10% of the equity of Budimex SA