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Amendments to a material financing agreement concerning the financing of the Galeria Pólnocna project
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)
Current report number:24/2020
Date: 17 September 2020
Subject: Amendments to a material financing agreement concerning the financing of the Galeria
Pólnocna project
Further to current reports No. 30/2015 dated 19 August 2015 and 32/2017 dated 6 December 2017,
as well as current report No. 17/2020 dated 15 July 2020, the management board of Globe Trade
Centre S.A. (the “Company”) announces that on 17 September 2020, Centrum Swiatowida sp. z o.o.,
the Company’s wholly owned subsidiary operating the Galeria Pólnocna project, entered into an annex
to a loan agreement with Bank Polska Kasa Opieki S.A. and Industrial and Commercial Bank of China
(Europe) S.A. acting through Industrial and Commercial Bank of China (Europe) S.A. Poland Branch
(the “Financing Parties”) concerning the financing of the Galeria Pólnocna project (the “Annex”).
Pursuant to the Annex, the Financing Parties agreed to relax the DSCR (debt service coverage ratio)
covenant for a period of 18 months following the execution of the Annex and to cure the LTV (loan-to-
value) covenant breach following the execution of the Annex. In exchange, Centrum Swiatowida sp. z
o.o. agreed to make the following prepayments of the loan extended to it:
(i) a prepayment in the amount of EUR 9.5 million to be made within ten Business Days of the
execution date of the Annex (such amount constituting 5.07% of the amount outstanding
under the loan as at 30 June 2020); and
(ii) a prepayment of up to EUR 3.0 million (the exact amount depending on the performance of
certain actions by the creditor) to be made within 12 months of the date of the Annex (such
amount constituting 1.60% of the amount outstanding under the loan as at 30 June 2020).
The execution of the Annex means that the Company has successfully concluded the negotiations
with the Financing Parties referred to in current report No. 17/2020 dated 15 July 2020 and is able to
again reclassify the liabilities under the loan as long-term liabilities.
Legal grounds: Art. 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC
of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC
and 2004/72/EC – inside information.
Signed by:
/s/ Yovav Carmi /s/ Ariel Alejandro Ferstman
Member of the Management Board Member of the Management Board
Warsaw, Poland
Sponsor: Investec Bank Limited
Date: 17-09-2020 04:25:00
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