RB 19/2021 Extension of Credit Agreement with Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszczędności Bank Polski S.A., ING Bank Śląski S.A and Česká spořitelna, a.s.
AmRest Holdings, SE (“AmRest” or the “Group”,) pursuant to the provisions of Article 227 of the restated text of the Securities Market Law and related provisions, issues the following statement of Other relevant information:
AmRest, AmRest Sp. z o.o. (“AmRest Poland”) and AmRest s.r.o. (“AmRest Czech”) - jointly “the Borrowers” and Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszczędności Bank Polski S.A., ING Bank Śląski S.A and Česká spořitelna, a.s. - jointly “the Lenders”, has signed on 13 December 2021 an amendment no. 3 providing an extension of the Senior Term and Revolving Facilities Agreement dated 5 October 2017, as amended and restated thereafter (“the Credit Agreement”). After evaluating the different funding alternatives available, the Group has assessed that extending the maturity of the current credit facilities with the club banks is the most optimal option. The effectiveness of the amendment is subject to certain conditions precedent which are standard in this type of transactions.
Based on the extended Credit Agreement, the amounts of the facilities A, B, E and F (“Credit facilities”) are equal to the outstanding amounts of Credit facilities, after the scheduled repayments in September 2020 and September 2021, this is EUR 352mln and PLN 464mln. The repayment schedule is 10% on each 30 September anniversary of the next three years and the remaining amount on 31 December 2024. The Revolving facility D is available in the amount of up to PLN 450mln and due on December 31st, 2024.
Additionally, a new uncommitted credit facility G, up to a maximum amount of EUR 100mln, has been agreed. The purpose is the financing of the general corporate purposes of AmRest Group. All Borrowers bear joint liability for any obligations resulting from the Credit Agreement.
All the credit facilities are provided at variable interest rate.
AmRest is required to maintain certain pre IFRS16 ratios at agreed levels, in particular, net debt/EBITDA is to be held below 3.5x and EBITDA/interest charge is to stay above 3.5.