Global City Holdings
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26

Mar

Execution of credit agreement between Cinema City Poland Sp z o.o. and BZ WBK SA. (26 March 2009)

The Board of Managing Directors of Cinema City International N.V. with its corporate seat in Amsterdam, The Netherlands (the “Company”) announces that on 25 March 2009 Cinema City Poland Sp z o.o., a wholly-owned subsidiary of the Company incorporated and existing under the laws of Poland, signed the credit agreement (the “Agreement”) with the bank BZ WBK SA with its corporate seat in Wroclaw, Poland.

The Agreement provides for granting the Company the credit facility in the total amount of PLN 60 000 000. The funds will be spent by the Company on implementation of its investment plans in Poland and Romania. The credit is granted for 6 years.

The total amount of credit should be withdrawn by the Company until the end of March 2010. Repayment of the capital will be on the quarterly basis starting from March 2011. Repayment of the total credit will be completed until the end of 2014. The repayment schedule provides for repayment of 25% of the credit amount in the end of repayment period.

Withdrawal of the subsequent parts of credit will be subject to fulfilment of certain conditions by the Company set forth in the Agreement. Cost of credit equals 3 month WIBOR + 2,75%.
 

Press release