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Following successful discussions with banks, Grupa Azoty Polyolefins signed an Amendment to the Stabilization Agreement, originally dated December 15, 2023, on May 29. The parties extended the financing conditions for the Polimery Police project until June 14, 2024. The Amendment involved 15 financial institutions.
It was also agreed that the remaining portion of the support loan, up to EUR 105 million, provided by the Issuer and Grupa Azoty Zakłady Chemiczne "Police" S.A. ("Original Sponsors"), will be transferred to the Subsidiary by June 14, 2024.
The Polimery Police project is currently in the production phase, involving startup and testing of guaranteed parameters at both the PDH (propane dehydrogenation) and PP (polypropylene) installations. In May, we reached a production level of 100,000 tons of polypropylene. The Gryfilen® brand is gaining significant recognition, and our sales efforts are effectively positioning the product in both Polish and international markets, stated Wojciech Blew, Acting President of the Management Board of Grupa Azoty Polyolefins.
The General Contractor, under the EPC contract, is fully responsible for the Polimery Police project implementation. Completion of the project requires achieving and maintaining the Guaranteed Parameters specified in the licensing agreements for the PDH and PP installations.
The Amendment to the Stabilization Agreement was signed with the following financial institutions: Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska S.A., Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A., European Bank for Reconstruction and Development, Haitong Bank Polska S.A., ICBC Standard Bank PLC, Industrial and Commercial Bank of China (Europe) S.A. (Poland Branch), mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Closed-End Non-Public Assets Investment Fund BIS 2, and Santander Bank Polska S.A.