GIGROUP (GIG): No buyout of the Y Series Bonds and W Series Bonds and continuation of negotiation of the conditions for restructuring the Group's debt financing - raport 82

Raport bieżący nr 82/2018

Podstawa Prawna:
Art. 17 ust. 1 MAR - informacje poufne.

The Management Board of Work Service S.A. (hereinafter: Issuer, Company) informs that on 30 November 2018, which was the day of repurchase of the Y Series Bonds and the W Series Bonds with a total nominal value of PLN 32,000,000, the bonds were not redeemed. According to the information presented in current reports No. 76/2018 and No. 77/2018 regarding the demand for early redemption of the Y Series Bonds, until the negotiations with the bondholders of the Y Series Bonds, W Series Bonds and T Series Bonds ("Bonds") have been completed, the Issuer undertook to for non-payment of any bondholders in order to treat creditors equally to conclude the negotiation process. It also means that there will be no redemption of the T Series Bonds on the day of their redemption falling on 3 December 2018.

At the same time, in reference to Current Report No. 69/2018 regarding the commencement of negotiations with Bondholders regarding changes to the terms of issue of bonds in order, inter alia, to postpone the redemption date of all series of Bonds, the Issuer informs that it continues negotiations with key bondholders in order to ensure total restructuring and refinancing of these bonds. The Issuer expects that the above talks will end by 14 December 2018.

Simultaneously, the Issuer informs that the Company has signed a statement with Bank BGŻ BNP Paribas S.A., Bank Millennium SA, Santander Bank Polska S.A. and Bank Powszechna Kasa Oszczędności Bank Polski S.A. (together as "Lenders") introducing an amendment to the loan agreement of 18 November 2015, about which the Issuer informed in Current Report No. 43/2015 of 19 November 2015 (the "Loan Agreement"). Based on this statement the final repayment date of loans granted on the basis of the Loan Agreement was postponed to 5 December 2018.

The Issuer indicates that the final repayment date is aimed at finalizing the terms of the Loan Agreement with the Lenders and preparing the content of the amending agreement to the Loan Agreement, which will lead to termination of negotiations with the Lenders, which the Issuer informed in Current Report No. 70/2018 of 9 November 2018.

The Issuer explains that the positive outcome of negotiations regarding the restructuring or refinancing of the Bonds and the amendment of the Loan Agreement will enable the Company to achieve a further liquidity of the Issuer's financial obligations under the above titles, stating that there is no certainty that these negotiations will end The Issuer will inform about the effects of the talks and arrangements in separate current reports.

As a result of the analysis, the Issuer found that it is justified that the information indicated above should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report.

Legal basis:

Article 17 (1) MAR (Regulation of the European Parliament and of the Council (EU) No 596/2014 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 Directive 2003/124/EC, 2003/125/EC and 2004/72/EC.

Signatures:

Maciej Witucki – President of the Management Board

Iwona Szmitkowska – Vice-president of the Management Board