KRUK has announced in a current report today that it has signed an annex to a multi-currency revolving credit facility agreement with a syndicate of banks, currently comprising DNB Bank ASA of Oslo, Norway, ING Bank Śląski S.A. of Katowice, Santander Bank Polska S.A. of Warsaw, and PKO BP S.A. of Warsaw, increasing the available credit to EUR 273m and extending its availability for another 12 months, to July 2026. Prior to signing the annex, the amount of credit available under the facility was EUR 235m.
‘September has been a time of very good news – the Polish Financial Supervision Authority has approved the 8th Bond Programme, we have posted record half-year 2021 results, and now we have increased the amount of credit available to fund our operations,’ said Piotr Krupa, CEO and President of the Management Board of KRUK S.A. ‘In the first six months of the year we invested PLN 644m in debt portfolios – our appetite remains strong, and we believe the coming quarters will bring plenty of new investment opportunities. Therefore we are pleased to have increased our bank credit by over PLN 170m and to have extended its availability until July 2026. We have a relatively very low level of debt and very good access to financing. Most importantly, we are also operationally and analytically ready for further investments.
As at June 30th 2021, the Company had undrawn lines of credit of PLN 835m. As at June 30th 2021, KRUK’s net debt to cash EBITDA ratio was 1.4x, and its net debt to equity ratio was 0.9x.