07/03/2016
Current Report No. 18/2016: Allotment of unsecured coupon-bearing ordinary bearer bonds of KRUK S.A.
Further to Current Report No. 15/2016 of February 25th 2016 on the issue of bonds, the Management Board of KRUK S.A. (the Company, the Issuer) announces that, on March 7th 2016, it became aware of successful placement by the Dealer, acting on behalf of the Issuer, of the Series AA2 unsecured coupon-bearing ordinary bearer bonds (the Bonds) and their entry in the Depositary Register.
Based on the information, the Company’s Management Board concluded that the Bonds issue was successful and that 150,000 Bonds had been allotted, each with a nominal value per bond equal to the issue price of PLN 1 thousand (with a total value amounting to PLN 150m).
The interest rate on the Bonds was set at 3M WIBOR plus 3.25 pp per year (the Margin). Furthermore, if the Debt Ratio, referred to in the Terms and Conditions of the Series AA2 Bonds defined as at March 2nd 2016 in connection with the private placement of the Series AA2 Bonds by KRUK S.A, exceeds 2.20, then the Margin will increase 0.50 pp per year. The increased Margin will be effective as from the Interest Period subsequent to the Interest Period in which the KRUK Group released its Consolidated Financial Statements based on which the Debt Ratio in excess of 2.20 was identified. Reduction of the Margin, previously increased by 0.50 pp per year, back to its original level will be effected if the Debt Ratio is lower than or equal to 2.20. The reduced Margin will be effective as from the Interest Period subsequent to the Interest Period in which the KRUK Group released its Consolidated Financial Statements based on which the Debt Ratio equal to or lower than 2.20 was identified.