KRUK may issue foreign bonds in euro

The Management Board of KRUK S.A. announced today that it has passed a resolution on contemplating under Swedish law an issuance of senior unsecured bonds in EUR under a total framework amount of up to EUR 350 million.

“KRUK has for many years been using diversified sources of financing as an important part of its continued growth in the international debt management market. In addition to bank loans, KRUK has been running bond programmes under which it issues debt securities in Poland. 2023 marks 25 years since the establishment of KRUK, one of the largest players in the industry internationally with an unquenchable appetite for further growth. Our business scale and desire to grow even more prompt us to further diversify our debt and reach for new sources of financing. Hence today’s decision to launch the programme to potentially issue foreign bonds in euros under Swedish law," said Piotr Krupa, CEO and President of KRUK S.A. Management Board. “This is an important step that will allow us to issue debt in a currency that we increasingly need. We are an international organisation with an increasingly strong market foothold in Italy and Spain. On top of that, we are continuing our technological transformation. I believe that another set of KRUK’s record-breaking figures published a few days ago, combined with the strong – compared with the rest of the industry – ratings given to us by international agencies will help us secure new sources of financing. We are counting on foreign bond buyers to put their trust in us, just like Polish ones did. Especially since we already have long-standing experience with foreign investors buying KRUK shares. Finally, let me emphasise that potential foreign issues will diversify and complement our current sources of financing, which we still want to use. Our approach to financing is one of KRUK’s strengths.