ReportPCF Group
Current Report No. 52/2023: Credit Agreement of PCF Group S.A.
2 pages~2 min full read
PCF Group S.A. secured two renewable credit lines on 12 October 2023 from Bank Polska Kasa Opieki S.A. to finance on-demand game production costs.
See it on page 1The financing package consists of a PLN 30,000,000 credit line and a separate €4,426,444 credit line.
See it on page 1Both credit agreements feature a three-year utilization period and a three-year repayment horizon, with interest rates based on a fixed margin plus the variable WIBOR rate.
See it on page 1Collateral for the loans includes financial pledges on all shares held by PCF Group in Incuvo S.A., pledges on bank accounts, and a 150% payment-obligation declaration.
See it on page 1Bank Gospodarstwa Krajowego is providing guarantees for up to 80% of the loan amounts, secured by blank promissory notes.
See it on page 1The agreements include restrictive covenants that limit additional borrowing and changes to the company’s core business, with breach of these terms allowing the bank to terminate financing.
See it on page 2The report details the conclusion of two renewable credit agreements between PCF Group S.A. and Bank Polska Kasa Opieki S.A., finalized on 12 October 2023. The first agreement provides a maximum loan of PLN 30,000,000 for financing on‑demand game production costs; the second offers a maximum loan of €4,426,444 for similar purposes. Both lines have a three‑year utilization period and repayment horizon, with interest calculated annually as the sum of a fixed margin and the variable WIBOR rate. Fees for loan availability and guarantees from Bank Gospodarstwa Krajowego are set at market‑typical terms.
Security for the bank’s claims comprises equal‑priority collateral, including financial pledges on all shares held by PCF Group in Incuvo S.A., pledges on the company’s bank accounts, a 150 % payment‑obligation declaration under civil procedure law, and up to 80 % guarantees from Bank Gospodarstwa Krajowego secured by blank promissory notes and related declarations. The agreements also contain standard suspension conditions for disbursement, routine information obligations post‑activation, and covenants restricting changes to the core business or additional borrowing. Breach of these covenants grants the bank rights to terminate the agreement or suspend further financing.
The scope is limited to PCF Group S.A., a Warsaw‑based entity, with the agreements covering Polish and Euro denominated credit lines for game production financing. The methodology is a contractual disclosure under Article 17(1) of the MAR regulation, with no survey or external data sources referenced.
