KRUK announces new bond issue
On 4 November 2024, KRUK publicly announced the Final Terms and Conditions of its Series AP2 Bond Issue. The bonds will be issued in a public offering under the 11th Bond Programme at an issue price equal to their nominal value. The issue price per bond will be PLN 100. The total nominal value of the bonds offered will initially be PLN 100 million, with the option to increase to a maximum of PLN 125 million. The final number and total value of bonds will be determined based on the subscriptions received at the close of the subscription period, before the KRUK Management Board adopts a resolution on allocation, scheduled for 20 November 2024. The 6-year bonds will bear interest at a floating rate, based on 3M WIBOR plus a fixed margin of 3.0 percentage points per annum. The offering will be carried out by a distribution syndicate comprising Dom Maklerski BDM S.A., Powszechna Kasa Oszczędności Bank Polski S.A. – Biuro Maklerskie, Michael / Ström Dom Maklerski S.A., Noble Securities S.A., Ipopema Securities S.A., Bank Polska Kasa Opieki S.A. – Biuro Maklerskie Pekao, Dom Inwestycyjny Xelion sp. z o.o. and Dom Maklerski Banku Ochrony Środowiska S.A. The bonds will exist in book-entry form and the Company will apply for their admission to trading on the Catalyst regulated market operated by the Warsaw Stock Exchange.
‘Our bond issue last month exceeded expectations in terms of demand, which is why this time – depending on our needs – we are considering increasing the total nominal value of bonds from PLN 100 million to a maximum of PLN 125 million. Subscriptions for the 6-year Series AP2 bonds will be open from 6 November to 19 November,’ said Piotr Krupa, KRUK CEO. ‘Our performance for the third quarter of 2024 was very strong: PLN 959 million in net profit, PLN 1,643 million invested in debt portfolios, and a solid debt position, with a net debt to cash EBITDA ratio of 2.5. We remain focused on continued digital transformation and growth across four major European markets.’
The offering of Series AP2 bonds will be conducted under the 11th Bond Programme Prospectus, which was approved by the Polish Financial Supervision Authority on 18 September 2024. Under the Prospectus, KRUK may issue bonds with a total nominal value of up to PLN 900 million until September 2025. The Final Terms and Conditions of Series AP2 bonds are available on the Company’s website at https://pl.kruk.eu/relacje-inwestorskie/obligacje/emisje-obligacji.
This material has been prepared for promotional (advertising) purposes only. The only legally binding documents containing information on the Issuer and the Public Offering of Series AP2 Bonds are the Base Prospectus for the 11th Bond Programme, published on 18 September 2024 (the “Prospectus”), including its supplements and updates, and the Final Terms and Conditions of Series AP2 Bonds, published on 4 November 2024 (the “Terms and Conditions”). The Prospectus is available on the Issuer’s website at https://go.kruk.eu/peo_xi, and the Final Terms and Conditions are available at https://go.kruk.eu/OWE_AP2. For information purposes, the Prospectus and the Terms and Conditions can also be found on the Investment Firm’s website at www.bdm.pl.
Approval of the Prospectus by the Financial Supervision Authority should not be construed as an endorsement of the Series AP2 Bonds. Prospective investors should read the Prospectus thoroughly before making an investment decision, to fully understand the potential risks and rewards associated with investing in the Series AP2 Bonds. In particular, investors are advised that the Bonds are not bank deposits and are not covered by any deposit guarantee schemes. In the event of the Issuer’s insolvency, due to a deterioration in its financial condition, such as a loss of liquidity or changing capital market conditions, part or all of the invested capital may be lost, and holders of Series AP2 Bonds may not receive the payments outlined in the Final Terms and Conditions. Given these risks, investors should carefully assess whether an investment in Series AP2 Bonds is suitable for them, and whether their investment portfolio is sufficiently diversified. Subscriptions for Series AP2 Bonds will be received by the Investment Firm Dom Maklerski BDM S.A. and members of the distribution syndicate.
This communication and its contents are not intended for direct or indirect distribution in, or to residents of, the United States of America, United Kingdom, Australia, Canada or Japan, or any country where its publication, announcement or distribution would be illegal.