As announced today by KRUK in a current report, the syndicate of banks with which it contracted a multi-currency revolving credit facility has been joined by Bank Handlowy S.A. In addition, the credit facility limit will be increased by EUR 25m, to a total of EUR 298m.
“We posted a record-breaking performance after the third quarter of 2021 and we expect to chalk up a very solid level of investments in new debt portfolios for this year. As we have no intention to slow down the pace of our investment activity, I am very pleased that the credit facility limit will be raised by another EUR 25m,” said Piotr Krupa, CEO and President of the Management Board of KRUK S.A. “In addition, the fact that the syndicate of our lenders has been joined by a bank of the international Citi Group shows what a long way KRUK has come from being a local firm to a leading player on the European market. The syndicate members have decided to raise the amount of credit available to KRUK for a second time this year. Their decision was prompted by our impressive performance and prospects for the future, which demonstrates the rising confidence in KRUK among both domestic and international banks. Considering also our Eighth Bond Issue Programme that is now open, we currently have very comfortable access to funding, while carrying a low level of debt. We are excellently placed, in terms of both our operational capabilities and financial resources, to sustain the strong momentum of KRUK’s growth,” commented Piotr Krupa.
As at September 30th 2021, the Company had undrawn lines of credit of PLN 1,085m. As at September 30th 2021, KRUK’s net debt to cash EBITDA ratio was 1.5x, and its net debt to equity ratio was 0.9x.