Current report No. 58/2019
Date of preparation: 2019-12-18
Short name of the issuer: i2 Development S.A.
Subject: Change of terms of the issue of series C bonds and the issue of series I bonds
Legal basis: Article 17 para. 1 MAR – confidential information.
Management Board of i2 Development S.A. (hereinafter the "Company", "Issuer") hereby informs, that
1) on December 17, 2019, the Company adopted a resolution on changing the Terms of Issue (hereinafter "WEO") of Series C Bonds issued by the Company on January 5, 2017 with the value of PLN 1,000 each bond (hereinafter "Bonds C");
2) the Company concluded an agreement on changes in WEO with the bondholder of all Bonds C.
WEO changes affect:
1) extension of the final redemption date of Bonds C on April 5, 2020
2) total partial redemption of 14,700 C Bonds, set for December 27, 2019
3) the scope of established bond securities
Bonds C are secured by: (i) guarantees granted by Guarantors to the Security Administrator up to the amount of the product of the number of Bonds C covered by all Subscribers and 150 (one hundred and fifty)% of the nominal value of one Bond C; (ii) a joint contractual mortgage on the property constituting an undeveloped plot no. 30, with an area of 0.1244 ha, located at Powstańców Śląskich and Wielka Streets in Wrocław; (iii) a liabilities subordination agreement in favor of the collateral administrator resulting from loans granted to companies of the Issuer’s Capital Group by entities related to the Issuer’s main shareholder; (iv) the Issuer’s declaration of submission to enforcement in favor of the Bondholders.
Due to the extension of the date of redemption of Bonds C, the interest table was also changed by taking into account the subsequent interest periods until the date of redemption of Bonds C.
At the same time, the Issuer’s Management Board also informs, that for the partial redemption of 14,700 Bonds C set for December 27, 2019, on December 17, 2019 the Company adopted a resolution on the issue of 15,000 (fifteen thousand) covered bearer bonds marked with the series letter "I", not in the form of a document, with a nominal value of PLN 1,000.00 (one thousand) each bond and a total nominal value of PLN 15,000,000.00 (fifteen million), bearing an interest rate equal to WIBOR 3M (Warsaw Interbank Offered Rate) for 3- month deposits plus a margin not deviating from market conditions with a maximum maturity date of March 17, 2021 ("Bonds I").
Bonds I are secured by: (i) a joint contractual mortgage on the right of perpetual usufruct of real estate constituting undeveloped plot no. 2/25, with an area of 4674 m2, located at Grabiszyńska Street in Wrocław and a joint contractual mortgage on the right of perpetual usufruct of real estate constituting undeveloped plot no. 3 / 10, with an area of 1294 m2, located at Al. Gen. Józefa Hallera in Wrocław (ii) a liabilities subordination agreement in favor of the collateral administrator resulting from loans granted to companies from the Issuer’s Capital Group by entities related to the Issuer’s main shareholder; (iii) the Issuer’s declaration of submission to enforcement in favor of the Bondholders. The Bond issue offer was directed pursuant to art. 33 item 2 of the Act of 15 January 2015 on bonds (the "Act") to a financial institution, which also on December 17, 2019 made a declaration of acceptance of the proposal to purchase the Bonds, for which, as a result, the Management Board allocated the Bonds.
Signatures of persons representing the Company:
2019-12-18 Marcin Misztal President of the Management Board