The Management Board of KRUK S.A. (the “Company”) announces that on 3rd July 2017 the Company and its subsidiary InvestCapital Malta LTD (the “Borrower”) entered into a multi-currency revolving credit facility agreement (the “Agreement”) with a bank syndicate comprising of DNB Bank ASA of Oslo, ING Bank Śląski S.A. of Katowice, Bank Zachodni WBK SA of Wrocław, and mBank S.A. of Warsaw (the “Lenders”). The Agreement provides for a multi-currency revolving credit with maximum amount of utilisations of EUR 250m (the “Syndicated Facility”). Under the Agreement, utilisation of the Syndicated Facility may be used to finance or refinance the purchase of debt portfolios by the Borrower on European markets other than the Polish market. The maturity of the Syndicated Facility is five years from the Agreement date. The Syndicated Facility’s interest rate was set on market terms, at the IBOR rate applicable to the relevant currency plus margin. The repayment of Syndicated Facility under the Agreement is secured with:
a) pledge or other encumbrance established over the Borrower’s specified foreign portfolios
b) pledge over bank accounts to which recoveries from the Portfolios are transferred directly or indirectly,
c) pledge over the Borrower’s deposit account on which specified notes held by the Borrower are deposited and over account on which proceeds from the Notes are credited,
d) the Company's surety and statement on submission to enforcement, each of up to EUR 375m.
Total value of the security specified in items a), b) and c), estimated as at May 31st 2017, was approximately PLN 414m.
The Agreement stipulates certain conditions fulfilment of which will enable the first utilisation of the Syndicated Facility. The Agreement contains no further conditions precedent or subsequent, and provides for no contractual penalties. Other terms and conditions of the Agreement do not differ from those commonly used in agreements of such type.
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