KRUK Spólka Akcyjna : increases access to bank credit
September 24, 2021 at 08:22 pm IST
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KRUK has announced in a current report today that it has signed an annex to a multi-currency revolving credit facility agreement with a syndicate of banks, currently comprising DNB Bank ASA of Oslo, Norway, ING Bank Śląski S.A. of Katowice, Santander Bank Polska S.A. of Warsaw, and PKO BP S.A. of Warsaw, increasing the available credit to EUR 273m and extending its availability for another 12 months, to July 2026. Prior to signing the annex, the amount of credit available under the facility was EUR 235m.
'September has been a time of very good news - the Polish Financial Supervision Authority has approved the 8th Bond Programme, we have posted record half-year 2021 results, and now we have increased the amount of credit available to fund our operations,' said Piotr Krupa, CEO and President of the Management Board of KRUK S.A. 'In the first six months of the year we invested PLN 644m in debt portfolios - our appetite remains strong, and we believe the coming quarters will bring plenty of new investment opportunities. Therefore we are pleased to have increased our bank credit by over PLN 170m and to have extended its availability until July 2026. We have a relatively very low level of debt and very good access to financing. Most importantly, we are also operationally and analytically ready for further investments.
As at June 30th 2021, the Company had undrawn lines of credit of PLN 835m. As at June 30th 2021, KRUK's net debt to cash EBITDA ratio was 1.4x, and its net debt to equity ratio was 0.9x.
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KRUK SA published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 14:51:03 UTC.
Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on clientâs behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Companyâs operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.