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Grupa Kapitałowa Grupa Azoty
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In view of the potential risk of breaching the net debt/EBITDA ratio at the end of the first half of 2023 by exceeding the maximum levels allowed under Grupa Azoty Group’s financing agreements, as announced by the Company in a current report of May 15th 2023, the Management Board of Grupa Azoty S.A. has entered into talks with the financial institutions on this issue.
At the same time, on June 1st 2023 the Company’s Management Board submitted a request with the institutions providing financing to Grupa Azoty, for, among other things, a temporary waiver of selected terms of Grupa Azoty’s financing agreements, including the terms concerning the net debt/EBITDA ratio, for the period from the end of June 2023 to the end of December 2024.
“Grupa Azoty fulfils all debt service and repayment obligations under the financing agreement on an ongoing basis, and the available limits ensure liquidity and secure financing for Grupa Azoty as well as continuity of operations. Due to the applied formula, the current improvement of conditions has a delayed effect on the ratio provided for in the Group’s financing agreements, hence the decision to request the financial institutions to suspend its application until the end of next year,” saysMarek Wadowski, Vice President of the Grupa Azoty S.A. Management Board.