RB 229/2017 – Credit Agreement with Bank ‎Pekao S.A., PKO Bank Polski S.A., ING Bank Śląski S.A and Česká spořitelna

The Management Board of AmRest Holdings SE (“AmRest”) informs about signing on October 5th, 2017 a Senior Term and Revolving Facilities Agreement („the Credit Agreement”) between 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”. AmRest Poland and AmRest Czech are 100% subsidiaries of AmRest.

Based on the Credit Agreement, the Lenders grant to the Borrowers a credit facility in the approximate amount of EUR 430 million, about PLN 1 848 million (committed at signing, tranches A-D), which can be extended by additional amount of roughly EUR 145 million, about PLN 623 million (two uncommitted tranches – E and F).  The facility shall be repaid by September 30th, 2022 and is dedicated for repayment of the obligations under the credit agreement signed on September 10th, 2013, financing of AmRest growth and working capital management. The following 4 tranches are committed at signing: Tranche A - EUR 250 million, Tranche B - PLN 300 million, Tranche C - CZK 300 million and Tranche D granted as a revolving credit facility - PLN 450 million. Additionally, facility comprises 2 Tranches that may be committed during term of the Credit Agreement, subject to Lender’s approval: Tranche E, PLN 280 million, that may be dedicated to repayment of Polish bonds and Tranche F, PLN 350m, that can be used for general corporate purposes.

 All Borrowers bear joint liability for any obligations resulting from the Credit Agreement.

 
Majority of the facility is provided at variable interest rate and a part of tranche A is provided on fixed rate.

AmRest is required to maintain certain 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.

Legal act:

Art. 17 Sec. 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