Company: PLSAY
Filing Date: 2025-07-01
Form Type: 6-K/A
Source: 0001884082-25-000014
Chunk: 18

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-07-01
Form: 6-K/A
Chunk 18
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 trade facility with 12 banks including Standard Chartered Bank acting as agent and security agent. The facility consists of two tranches: Facility A (EUR denominated at €336.1 million with an interest rate at the relevant EURIBOR plus 2.85%) and Facility B (USD denominated at $576.6 million , with an interest rate at the Chicago Mercantile Exchange Term SOFR plus 3.35%). Both facilities have a 36-month repayment period with repayment of utilizations due in full at the end of the period, including any unpaid interest and other fees. The facilities are secured by interest reserve accounts pledges with an aggregate of three months interest deposited upon utilization of available credit. As of June 30, 2024, Polestar had fully utilized its borrowing capacity and drawn down on $936.2 million.

This syndicated loan is subject to covenant requirements, including but not limited to a minimum annual revenue of $5,359.9 million for 2024, minimum quarterly cash levels of €400 million, and maximum quarterly financial indebtedness of $5,500 million.

Polestar's green trade facility entered into on February 28, 2022 is subject to certain covenant requirements and shares the same minimum quarterly cash covenant as the syndicated loan.

As of June 30, 2024, Polestar had total Current liabilities to credit institutions and Non-current liabilities to credit institutions outstanding of $1,539.3 million and $936.2 million, respectively. Refer to Note 14 - Liabilities to credit institutions for information on Polestar's working capital loans outstanding as of June 30, 2024.

Comparison of the six months ended June 30, 2024 and 2023

As of June 30, 2024, Polestar had Cash and cash equivalents of $668.9 million as compared to $768.3 million as of December 31, 2023. Cash and cash equivalents consist of cash in banks with an original term of three months or less. As of June 30, 2024, the Group had restricted cash of $21.5 million which is presented within Other non-current assets in the Unaudited Condensed

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Consolidated Statement of Financial Position (as restated). As of December 31, 2023, the Group had restricted cash of $1.8 million which is presented as Other non-current assets in the Unaudited Condensed Consolidated Statement