The Management Board of KRUK S.A. has announced the successful increase of its revolving credit facility to the maximum amount of EUR 575m. The banking syndicate comprising DNB Bank ASA, ING Bank Śląski S.A., Santander Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna, Bank Handlowy w Warszawie Spółka Akcyjna, and Bank Polska Kasa Opieki S.A., with DNB Bank ASA of Oslo as the agent, has raised the credit limit by EUR 50m. This extended credit facility remains available until July 3rd 2028.
‘I’m pleased to see the growing trust and commitment from KRUK’s financing banks. I’m confident that the positive risk assessment and the decision of the banking syndicate are grounded in our consistent ability to meet and exceed our financial plans. KRUK is in excellent condition and aims to leverage this positive momentum for responsible growth. Our investments for the first nine months of the year totalled nearly PLN 2bn, with recoveries from purchased portfolios reaching PLN 2.3bn. We are setting new records while prudently increasing debt through diversified sources. The net debt to cash EBITDA for the first three quarters of 2023 stood at 2.3 – an excellent result compared to our industry and businesses in general,’ said Piotr Krupa, CEO and President of KRUK S.A. ‘We utilise the available credit to excel in what we do best – grow our business through continuous improvement. Currently, KRUK employs 3,400 people and operates in six markets in the European Union, with leadership in four countries: Poland, Romania, Spain, and Italy. We keep our focus on continued technological advancement. Access to finance facilitates our operations, and bank loans, complemented by our own funds and bond issues, remain our primary source of funding.