ReportPCF Group
Raport bieżący nr 16/2023Podpisanie przez People Can Fly Canada Inc. umowy kredytowej oraz powiązanych dokumentów zabezpieczeń
2 pages~2 min full read
People Can Fly Canada Inc. secured a financing agreement with the Bank of Montreal on 24 May 2023, consisting of a $1,200,000 general working-capital line and an $8,000,000 line for Canadian tax incentives.
See it on page 1PCF Group S.A. provided a $9,200,000 unsecured guarantee to the bank to cover the loan obligations and associated securities of its Canadian subsidiary.
See it on page 1The credit facilities are renewable annually and repayable on demand, with interest rates calculated based on the Canadian Prime Rate plus a negotiated margin.
See it on page 2Security for the financing includes a first-ranking general security agreement on all movable assets of PCF Canada and a $11,040,000 mortgage on those same assets.
See it on page 1The agreement restricts PCF Canada from changing its core business activities or incurring additional debt without consent, while requiring the submission of regular financial statements.
See it on page 1The bank maintains the right to terminate or suspend financing if the company breaches the established contractual obligations or reporting requirements.
See it on page 1People 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.
