| The Management Board of Work Service S.A. (“Issuer” or “Company”) - in relation to the current reports: (i) No. 42/2020 concerning the conclusion of a cooperation agreement on debt restructuring between the Company and the Issuer's lending banks (“Banks”) (“Restructuring Agreement”); (ii) No. 43/2020 on signing an Annex No. 8 to the credit agreement of 18 November 2015 (“Credit Agreement”)(“Annex No. 8”) and other documents specified in the Restructuring Agreement; (iii) no. 46/2020 concerning the conclusion by the Issuer of an arrangement extending the maturity of the loans specified in the Credit Agreement and the dates under the Restructuring Agreement; (iv) No. 55/2020 on the conclusion by the Issuer of annex to the Restructuring Agreement and annex No. 9 to the Credit Agreement; (v) No. 63/2020 on the conclusion by the Issuer of annex no. 2 to the Restructuring Agreement and annex no. 10 to the Credit Agreement; (vi) No. 74/2020 concerning, inter alia, the entry into force of the Restructuring Agreement; informs that today it has received information that the Banks unanimously accepted the Issuer's composition proposals, and therefore the arrangement was accepted by the Banks within the meaning of the Restructuring Law ("Arrangement"). The content of the Arrangement adopted by the Banks provides for the restructuring of receivables on the basis of the partial arrangement, in accordance with the rules set out in the Restructuring Agreement. The assumptions of the Restructuring Agreement were described in current report no. 42/2020 and no. 74/2020. The Arrangement covers receivables on account of financing the Issuer's operations through credits granted before the composition date under the Credit Agreement (“Arrangement Receivables”). The only creditors with Arrangement Receivables are Banks. The main principles of the restructuring of the Arrangement Receivables are as follows: 1) As of the date of final approval of the Arrangement, the Arrangement Receivables for repayment of credit principal under the Credit Agreement are subject to redemption in 49.9998445% as at the Arrangement Date, i.e. 29.09.2020. 2) The Issuer shall repay the credit principal constituting the Arrangement Receivables in the part not subject to redemption pursuant to paragraph 1 above, i.e. 50.0001555% as at the Arrangement Date. The credit principal constituting the Arrangement Receivables shall be repaid, in the portion not subject to redemption, in instalments of a specified percentage. 3) The Company will repay the arrangement receivables to the Banks in quarterly instalments according to a fixed repayment schedule, with the first payment taking place on 30 September 2020 and the last payment to take place by 30 June 2023. Interest on the Repayment Amount will be charged in the amount of WIBOR 3M + 200 bps per year. 4) As of the date of the final approval of the Arrangement, Arrangement Receivables for the payment of interest whose payment date has been postponed before the date of the Arrangement until the date of full repayment of the credit principal (under the Credit Agreement) shall be subject to redemption in full. Supervision over the performance of the Arrangement is exercised, in accordance with the provisions of the Restructuring Law, by the Arrangement Supervisor, Mr Jerzy Sławek, holding Restructuring Advisor's licence no. 2, (ul. Pogodna no. 36, office 11, Lublin, postal code 20-337, tel.+48 81 479 45 53, e-mail: [email protected]). At the same time, the Issuer informs that after receiving from the Banks the cards on the basis of which the Banks adopted the Arrangement and after verifying them, it plans to submit an application to the court for approval of the Arrangement in the coming days. As a result of the analysis carried out, the Issuer assumed that qualification of the above-mentioned information as confidential within the meaning of Art. 17 sec. 1 MAR, subject to publication in the form of this report, is justified. Legal basis: Article 17 section 1 MAR _EU_Regulations of the European Parliament and of the Council no. 596/2014 of 16 April 2014 on market abuse _Regulation on market abuse 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. Signatures: Iwona Szmitkowska – Vice President of the Management Board; Nicola Dell’Edera – Vice President of the Management Board | |
