Body of the Report:
With reference to Current Reports No. 4/2023 and 6/2023, the Management Board of Jastrzębska Spółka Węglowa S.A. ("JSW", "Company"), hereby reports that on 12 April 2023, a Sustainability-Linked Loan Financing Agreement ("Agreement") was executed between JSW and the financial institutions comprising the Consortium, i.e.: Agencja Rozwoju Przemysłu S.A., Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A. and Towarzystwo Finansowe "Silesia" Sp. z o.o. for a total amount of PLN 1,650 million.
The amount of PLN 1,650 million consists of, among other things:
(i) funds in the amount of PLN 730 million earmarked to finance investments and general corporate needs,
(ii) funds in the amount of PLN 490 million earmarked to finance environmental investments,
(iii) PLN 430 million is working capital financing.
Some of the tranches are denominated in USD and EUR.
The final date for repayment of the liabilities to the Consortium was set for 28 December 2030.
The interest on the loans will be calculated on the basis of a variable interest rate based on the appropriate WIBOR rate (reference rate) in the case of PLN financing and the appropriate EURIBOR/SOFR rate in the case of foreign currency financing, plus a margin. If any of the targets (one for carbon footprint, two for methane) related to sustainability as measured by key performance indicators are not met in the given financial year, the margin will be adjusted.
Part of the above adjustment will be allocated by the Company to support a nonprofit organization carrying out tasks in the field of climate protection, sustainable development, environmental education or social responsibility.
The achievement of sustainability-related goals as measured by key performance indicators (KPIs) will be reviewed by an external verifier annually.
The agreement provides for standard restrictions for this type of financing, including permitted transactions, permitted disposal, permitted debt and collateral.
Legal basis: Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse 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.