As announced earlier, the KRUK Group has actively participated in auctions for the purchase of debt portfolios in the fourth quarter of 2012 and has successfully placed further bond issues.
The Group will purchase a retail debt protfolio with a nominal value of PLN 367.6m from Credit Agricole Bank Polska. The auction of the bank’s debt has been won by PROKURA NS FIZ, one of the KRUK Group's investment fund. Over the first three quarters of 2012, the Group acquired a total of 36 debt portfolios in Poland, Romania and the Czech Republic. These included 23 retail debt portfolios from financial institutions, five corporate debt portfolios from financial institutions, and eight retail debt portfolios from other entities. The KRUK Group’s total capital expenditure was PLN 190m, of which PLN 94m was invested in the third quarter of 2012 alone. The nominal value of the debt purchased by the Group in the three quarters of 2012 reached PLN 2.5bn.
The KRUK Management Board has resolved to carry out another issue of bonds worth PLN 20m.
Under the Unsecured Bond Issue Programme, KRUK will issue up to 20,000 unsecured bearer Series P1 bonds, with a par value of PLN 1,000 per bond, maturing 48 months after the issue date. The bonds will bear interest at 3M WIBOR plus a fixed margin of 460 basis points. At today’s 3M WIBOR rate, the total interest rate is 9.09%. Proceeds from this issue will be used to finance the acquisition of debt portfolios or to refinance the Company’s debt.