Cyfrowy Polsat S.A. obtains new funding in the form of an additional facility

27 Nov 2019

With reference to the Current Report No. 30/2019 of October 30, 2019 the Management Board of Cyfrowy Polsat S.A. (the “Company”) announces that on November 27, 2019 the Company, acting in its own name and as an obligors’ agent, concluded an additional facility accession deed with certain Polish and foreign financial institutions (the “Accession Deed”). The Accession Deed has been foreseen in the Second Amendment and Restatement Deed which has been reported by the Company in its Current Report No. 9/2018 of March 2, 2018 (the “Facilities Agreement”).

According to the Accession Deed, the Company will be granted an additional PLN term facility up to PLN 1 billion (the “Additional Facility”). The Company reported its initial steps in seeking additional funding in its Current Report No. 30/2019 of October 30, 2019.

The Additional Facility bears interest at a variable rate equal to WIBOR for the relevant interest period plus margin. The margin on the Additional Facility depends on the ratio of net consolidated indebtedness to consolidated EBITDA in such a way that the lower the ratio – the lower the margin, with the maximum margin level applicable when the net consolidated indebtedness to consolidated EBITDA ratio exceeds 3.50:1, and the minimum margin level applicable when that ratio is no higher than 1.50:1. The final repayment term for the Additional Facility is March 31, 2023. The Additional Facility will be repaid in one bullet installment on the final repayment date.

The receivables arising under the Additional Facility are secured by the same package of security interests and guarantees extended by some of the Company’s group members as granted under the Facilities Agreement.

Legal basis: Article 17 Section 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.

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Last updated 11/27/2019