JSW secures loan of up to 1.066 billion PLN from ARP

Jastrzębska Spółka Węglowa (JSW) has secured a loan of up to 1.066 billion PLN from the Industrial Development Agency (ARP). This new financing arrangement replaces the previously planned sale of two group companies: Jastrzębskie Zakłady Remontowe (JZR) and Przedsiębiorstwo Budowy Szybów (PBSz).

The funds will first be used to settle a 400 million PLN advance previously received under a preliminary sale agreement for JZR and PBSz, including accrued interest. The remaining capital is intended to finance JSW's operations during the implementation of its group recovery program, which aims to reduce costs and reorganize functions.

Disbursement of the loan will occur in tranches, with the release of funds contingent upon the company's progress in meeting specific restructuring and repair milestones. The agreement includes financing terms extending to June 30, 2038, with a capital repayment grace period until June 30, 2029. The loan is secured by mortgages on JSW real estate and movables, pledges on shares and stakes in group companies, and assignments of receivables from coal, coke, and coal derivative sales.