The Management Board of Cyfrowy Polsat S.A. (the “Company”) announces that on March 2, 2018, the Company, acting as the Obligors’ Agent, and UniCredit Bank AG, London Branch, acting as the Finance Parties’ Agent, executed the Second Amendment and Restatement Deed (the “Second Amendment and Restatement Deed”) to the Facilities Agreement of 21 September 2015, amended by the Amendment, Restatement and Consolidation Deed of 21 September 2015, originally executed between the Company, Polkomtel sp. z o.o., Telewizja Polsat sp. z o.o., Cyfrowy Polsat Trade Marks sp. z o.o., Polsat License Ltd., Polsat Media Biuro Reklamy Spółka z ograniczoną odpowiedzialnością sp.k., Eileme 2 AB (publ), Eileme 3 AB (publ), Eileme 4 AB (publ), Plus TM Management sp. z o.o., TM Rental sp. z o.o. and Plus TM Group sp. z o.o. and the consortium of Polish and foreign financing institutions (the “Facilities Agreement”). The Facilities Agreement provided for a Term Facility Loan (the “Term Facility Loan”) up to the maximum amount of PLN 11,500,000,000.00 (eleven billion five hundred million zloty) and a Revolving Facility Loan (the “Revolving Facility Loan”) up to the maximum amount of PLN 1,000,000,000.00 (one billion zloty). The Company reported on the execution of the Facilities Agreement in its current report No. 42/2015 of 21 September 2015.
The Second Amendment and Restatement Deed introduced the following amendments:
(1) the termination date of the Term Facility Loan and the Revolving Facility Loan is changed to September 30, 2022 (originally falling on September 21, 2020); and
(2) the level of the ratio of consolidated net debt to consolidated EBITDA, upon achieving of which the Company may request the release of security established in connection with the Facilities Agreement (excluding the release of guarantees granted pursuant to the Facilities Agreement) or after exceeding of which the Company shall re-establish the released security, is revised to 3.00:1 (originally 1.75:1).
In connection with a change of the termination date of the Term Facility Loan, the repayment schedule of the Term Facility Loan has been changed, so that the amortized amounts of the Term Facility Loan in subsequent years be as follows:
(1) in years 2019 through 2021, the aggregate annual amount of repayment installments of the Term Facility Loan is PLN 1,017,600,000.00 (one billion seventeen million six hundred thousand zloty); and
(2) in year 2022, the aggregate amount of repayment installments of the Term Facility Loan is PLN 6,626,700,000.00 (six billion six hundred twenty six million seven hundred thousand zloty).
The primary objective of the capital resources management policy of Cyfrowy Polsat Capital Group remains the continued reduction of indebtedness below the level of 1.75x consolidated net debt/consolidated EBITDA. This objective is being consistently pursued since the moment of taking control over the capital group of Polkomtel in the second quarter of 2014, when total gross consolidated indebtedness of Cyfrowy Polsat Capital Group amounted to ca. PLN 14.3 billion, to the current level of PLN 11.4 billion at the end of the third quarter of 2017.
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.