Institutional investors acquire PLN 350 million worth of KRUK bonds with a margin of 3.2%

KRUK has announced the allotment of PLN 350m worth of 6-year AL2 unsecured amortising bonds. The bonds were issued to qualified institutional buyers as part of the First Bond Issue Programme without a Prospectus. The price per bond is equal to the bond nominal value, i.e. PLN 1,000. The bonds bear interest at a variable rate of 3M WIBOR plus a margin of 3.2 pp per annum.

Today, we have allotted bonds with a total nominal value of PLN 350 million to institutional investors. Thus, with the two issues, i.e. the current AL2 and last year's PLN 330 million AL1 bond issue, we have almost reached the target value of the First Bond Issue Programme without a Prospectus, which had been set at PLN 700 million. This shows how big our organisation is now, not only in Poland but also in Europe,” Piotr Krupa, KRUK's CEO comments. “The bonds allotted today are amortising bonds, which means that they will be redeemed based on a schedule matching the KRUK Group's cash flows. They have a tenor of six years but the amortisation reduces it to 4.5 years. This, together with KRUK's excellent performance, has enabled us to significantly reduce the cost of the issue by lowering the margin to 3.2%, while it had been 3.7% for the bonds we issued six months ago,” continued Piotr Krupa. “To note, retail investors interested in buying KRUK securities can now subscribe for another up to PLN 50 million issue of 5-year prospectus-based variable-rate bonds, with interest accruing at 3M WOBOR plus a margin of 3.3% per annum.  Subscription orders will be received up until February 4th. We are growing at a great pace, our investment appetite remains strong, and the bond proceeds are an important source of funding for us, in addition to the existing credit facilities. We have good access to financing sources, while being one of the least leveraged companies in our industry. This is appreciated by investors and gives us a good position to participate in almost all auctions, which increases the chances for the KRUK Group’s further investments,” Piotr Krupa concludes.


The only legally binding documents containing information on the Issuer and the Public Offering of Series AM2 Bonds are the Base Prospectus for the Eighth Bond Programme, published on September 7th 2021, Supplements to the Base Prospectus and the Final Terms and Conditions of Series AM2 Bonds published on January 20th 2022, available on the Issuer’s website www.kruksa.pl and additionally, for information purposes, on the website of the Investment Firm at www.bdm.pl Subscription orders for Series AM2 bonds will be accepted by the Investment Firm, i.e. Dom Maklerski BDM S.A., and members of the distribution syndicate.

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