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On June 14, Grupa Azoty Polyolefins finalized an Amendment to the Stabilization Agreement initially signed on December 15, 2023, ensuring continued financing for the Polimery Police project. This agreement with 15 financial institutions extends the financing terms until July 31, 2024.
Additionally, it was agreed that the remaining support loan, amounting to up to EUR 105 million, provided by the Issuer and Grupa Azoty Police ("Original Sponsors"), will be transferred to the Subsidiary by July 31, 2024.
Currently, the Polimery Police project is in the production phase, with startup and testing of guaranteed parameters across all installations. In May, we achieved a milestone by producing our 100,000th ton of polypropylene. We are approaching the Integrity Test and subsequent takeover of the installations from the General Contractor. For the rest of 2024, our primary goal is to effectively market our products domestically and internationally, optimizing sales profitability. The Gryfilen® brand is gaining significant recognition due to our intensive commercial efforts, says Wojciech Blew, Acting President of the Management Board of Grupa Azoty Polyolefins.
Under the EPC contract, the General Contractor is fully responsible for the implementation of the Polimery Police project. Its completion hinges on achieving and maintaining the Guaranteed Parameters specified, among others, in the licensing agreements for both the propylene production (PDH) and polypropylene production (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.