Today, the Management Board of KRUK S.A. has made a decision on the first issue of bonds under Swedish law as part of the bond issue framework launched on March 13th 2023. The issue price of the bonds is equal to their nominal value, i.e. EUR 100,000 per bond, with the aggregate nominal value of the issue set at EUR 150 million. The senior unsecured bonds, redeemable within five years, bear interest at a floating rate of 6.5% plus 3m EURIBOR. Once the allotment is confirmed and the bonds are registered, KRUK will apply for their listing on the Nasdaq Stockholm regulated market.
“We have just taken an important step to secure a new source of financing in the euro, particularly useful for our international expansion. We have also diversified our external financing, so far based chiefly on bank loans and bonds issued for Polish investors. The Scandinavian market will complement rather than replace any of our existing sources of financing. This fills us with confidence that we will be able to carry through our investment plans and continue our ongoing initiatives, such as the technological transformation,” said Piotr Krupa, CEO and President of the KRUK S.A. Management Board. “The issue will also be joined by investors from Nordic countries, other European countries, including Poland. We appreciate the trust of bond investors, especially as a newcomer to the foreign market, at such a challenging time for capital markets worldwide. Our reliable funding sources and funds generated by purchased debt portfolios allow us to prudently explore new opportunities to raise financing both in Poland and abroad. Today's decision will vastly facilitate our efforts to further strengthen KRUK's position on international markets, marking another milestone moment in KRUK's 25-year long history.