Updated Mar 23, 2026 by PCF Group
Report
Published by PCF Group
People Can Fly Canada Inc., a subsidiary of PCF Group S.A. headquartered in Warsaw, entered into a financing agreement with the Bank of Montreal on 24 May 2023. The contract provides two revolving credit facilities: a $1,200,000 line for general corporate and working‑capital needs, and an $8,000,000 line to fund Canadian tax incentives. Both lines are renewable annually and repayable on demand. Interest rates combine a negotiated margin with the Canadian Prime Rate, and standard market‑based fees apply. The agreement requires customary suspension conditions, including submission of legal opinions, registration extracts and other documentation to the bank. Security for the loans is structured under Canadian law and includes a parent‑company guarantee, a first‑ranking general security agreement covering all movable assets of PCF Canada, a first‑ranking mortgage valued at $11,040,000 on the same movable assets, subordination of corporate loans from the parent entity, and designation of the bank as an additional insured under PCF Canada’s insurance policies. On the same day, PCF Group issued a $9,200,000 unsecured guarantee to the bank covering the loan obligations and associated securities. The agreement obliges PCF Canada to provide financial statements and other material information, imposes restrictions on changes in core business activities or additional borrowing, and grants the bank rights to terminate or suspend financing upon breach. The arrangement is confined to Canada, covers corporate finance and tax‑incentive funding, and reflects standard practices for revolving credit facilities in the Canadian market.
PEOPLE CAN FLY Raport bieżący nr 16/2023 Data sporządzenia: 24 maja 2023 r. Temat: Podpisanie przez People Can Fly Canada Inc. umowy kredytowej oraz powiązanych dokumentów zabezpieczeń Podstawa prawna: Art. 17 ust. 1 Rozporządzenia MAR Treść raportu: Zarząd spółki PCF Group S.A. z siedzibą w Warszawie („ Spółka”) niniejszym informuje, że w dniu 24 maja 2023 r. spółka zależna Spółki, People Can Fly Canada Inc., z siedzibą w Montrealu, Kanada („PCF Canada ”) jako kredytobiorca oraz Bank of Montreal („Bank”) jako kredytodawca podpisały umowę kredytową (Offer of Financing, „Umowa”), dotyczącą udzielenia PCF Canada dwóch kredytów obrotowych o charakterze odnawialnym (demand revolving facility ) obejmujących: (1) kredyt do maksymalnej wysokości 1.200.000 dolarów kanadyjskich z przeznaczeniem na finansowanie kapitału obrotowego i ogólnych potrzeb korporacyjnych PCF Canada , oraz (2) kredyt do maksymalnej wysokości 8.000.000 dolarów kanadyjskich z przeznaczeniem na sfinansowanie ulg podatkowych w Kanadzie (łącznie „Kredyty”). Udostępnienie Kredytów uwarunkowane jest spełnieniem standardowych warunków zawieszających wypłatę w transakcjach tego typu , m.in. dostarczeniem Bankowi określonych dokumentów i zaświadczeń, odpisów z rejestr ów, opinii prawnych oraz ustanowieniem zabezpieczeń wierzytelności Banku wynikających z Umowy. Zabezpieczenia ustanowione będą zgodnie z prawem kanadyjskim i będą obejmować m.in.: ( 1) gwarancję podmiotu dominującego, ( 2) zabezpieczenie z pierwszeństwem zaspokojenia ( First Ranking General Security Agreement ) na całości majątku ruchomego PCF Canada (tj.
telności Banku wynikających z Umowy. Zabezpieczenia ustanowione będą zgodnie z prawem kanadyjskim i będą obejmować m.in.: ( 1) gwarancję podmiotu dominującego, ( 2) zabezpieczenie z pierwszeństwem zaspokojenia ( First Ranking General Security Agreement ) na całości majątku ruchomego PCF Canada (tj. zbiorze rzeczy ruchomych i praw majątkowych o zmiennym składzie), ( 3) hipotekę z pierwszeństwem zaspokojenia ( First Ranking Hypot hec) w wysokości 11. 040.000 dolarów kanadyjskich ma całości majątku ruchomego PCF Canada, ( 4) podporządkowanie spłaty pożyczek korporacyjnych udzielonych przez podmiot dominujący , ( 5) oznaczenie Banku jako dodatkowego ubezpieczonego w ramach polis ubezpieczeniowych PCF Canada. W dniu 24 maja 2023 r Spółka udzieliła Bankowi niezabezpieczonej gwarancji do wysokości 9.200.000 dolarów kanadyjskich tytułem zabezpieczenia wierzytelności Banku wobec PCF Canada z tytułu Umowy oraz ustanowionych zabezpieczeń. Oba Kredyty podlegają spłacie na żądan ie i są corocznie odnawiane na warunkach uzgodnionych przez strony.
Stopa oprocentowania Kredytów za każdy okres odsetkowy jest stopą oprocentowania w stosunku rocznym, która jest sumą uzgodnionej marży i stopy bazowej (opartej na Canadian Prime Rate). Prowizję z tytułu udostępnienia Kredytów ustalono na warunkach rynkowych typowych dla tego typu instrumentów finansowych. PCF Canada ma wobec Banku obowiązki informacyjne dotyczące m. in. dostarczania informacji na temat sprawozdań finansowych oraz innych ist otnych zdarzeń. Umowa przewiduje również standardowy zakres zobowiązań m.in. ograniczenia dotyczące zmian głównego przedmiotu działalności czy warunków zaciągania nowego zadłużenia finansowego. W przypadku zaistnienia naruszeń Umowy, Bankowi przysługuje standardowy zakres uprawnień w tym m.in. ma prawo do wypowiedzenia Umowy lub wstrzymania udzielania finansowania.
The filing announces a formal amendment to the financing arrangement between People Can Fly Canada Inc., a subsidiary of PCF Group S.A., and the Bank of Montreal, aimed at expanding the unsecured guarantee supporting the bank’s credit exposure. Effective 15 November 2024, the guarantee amount is raised from CAD 9.2 million to CAD 13.154 million, reflecting the anticipated increase in the demand revolving facility from CAD 8.0 million to CAD 11.954 million. This credit line is intended to pre‑finance forthcoming Canadian tax incentives, and the larger guarantee aligns the security package with the expanded loan exposure. Concurrently, the first‑ranking hypothec on PCF Canada’s entire movable asset base will be increased from CAD 11.04 million to CAD 15.7848 million, ensuring that the bank’s priority claim remains proportionate to the heightened indebtedness. All other contractual terms of the original financing agreement, dated 24 May 2023, remain unchanged. The amendment is grounded in Article 17(1) of the MAR Regulation and follows the earlier disclosure made on 24 May 2023 concerning the original credit facility. The scope of the transaction is limited to the corporate group’s Polish parent company, its Canadian subsidiary, and the Canadian banking institution, covering a single fiscal period in 2024. No statistical sampling or broader market analysis is involved; the communication serves solely to inform stakeholders of the revised guarantee and collateral levels accompanying the enlarged revolving credit facility.
People Can Fly Canada Inc., a Montreal-based subsidiary of the Polish game development firm PCF Group S.A., entered into a strategic credit agreement with the Bank of Montreal on May 24, 2023. This financing arrangement establishes two distinct demand revolving credit facilities totaling 9.2 million Canadian dollars. The primary objective of this capital infusion is to bolster the subsidiary’s operational liquidity and bridge the financing of Canadian tax incentives, which are critical components of the region's game development ecosystem. The financial package is divided into a 1.2 million CAD facility dedicated to general working capital and corporate requirements, and a larger 8 million CAD facility specifically earmarked for financing tax credits. These credits are subject to annual renewal and carry interest rates based on the Canadian Prime Rate plus a standard market margin. To secure the financing, PCF Group S.A. provided an unsecured guarantee of 9.2 million CAD, while the Canadian subsidiary granted the bank a first-ranking security interest and a mortgage of 11.04 million CAD over its entire movable property and assets. The agreement imposes standard restrictive covenants and reporting obligations on the borrower, including limitations on changing the core business scope or incurring additional financial debt without lender approval. This transaction reflects a common industry practice where international studios leverage regional tax incentives through specialized banking products to maintain steady cash flow during lengthy development cycles. The scope of this disclosure is limited to the legal and financial obligations arising from the Canadian operations of the PCF Group as of the second quarter of 2023.
PCF Group S.A. has entered into a strategic financial arrangement through its subsidiary, People Can Fly Canada Inc., by signing a letter of intent with the Bank of Montreal. This agreement, finalized on May 1, 2023, outlines the terms for two distinct demand revolving credit facilities intended to support the studio's North American operations. The primary objective of this financing is to provide liquidity for general corporate purposes and to bridge the gap for anticipated Canadian tax credits, which are a common component of game development financing in the region. The proposed credit facilities total 9.2 million Canadian dollars. Specifically, 1.2 million CAD is earmarked for working capital and general corporate needs, while the remaining 8 million CAD is dedicated to financing tax incentives. As part of the arrangement, the Warsaw-based parent company, PCF Group S.A., will act as a guarantor for the full amount of the debt. The subsidiary is also expected to provide customary security interests typical for this type of corporate lending transaction. This financial move reflects the group's efforts to optimize its capital structure and leverage regional fiscal benefits within the Canadian gaming industry. While the letter of intent establishes a framework for the loans, the finalization of the credit documentation is scheduled for approximately May 30, 2023. The management notes that the commencement of negotiations does not guarantee the final execution of the agreements, though it signals a clear intent to secure specialized funding for its Montreal-based operations.
The report announces that on 1 May 2023, People Can Fly Canada Inc. (PCF Canada), a subsidiary of PCF Group S.A., entered into an intent‑to‑borrow agreement with the Bank of Montreal and PCF Group as guarantor. The agreement outlines two revolving credit facilities: a demand facility up to 1 200 000 CAD for working‑capital and general corporate purposes, and a second facility of 8 000 000 CAD earmarked for tax‑relief financing in Canada. PCF Canada committed to provide customary collateral, while PCF Group pledged an unsecured guarantee of 9 200 000 CAD to secure the obligations. The parties agreed to negotiate definitive credit documentation by 30 May 2023, with completion expected around that date. The report clarifies that signing the letter of intent and initiating negotiations does not guarantee final execution of the credit agreements. The disclosure is limited to the Canadian subsidiary and its financing arrangements, covering a single fiscal year’s transaction. No survey or external data sources are cited; the information derives solely from internal corporate communications and regulatory filing requirements under Article 17(1) of MAR.