05/02/2016
Current Report No. 8/2016: Information on the value of agreements executed between the KRUK Group and the BNP Paribas Group
The Management Board of KRUK S.A. (the “Company”) announces that on February … 2016 it executed an annex (the “Annex”) to the revolving credit facility agreement with an entity of the BNP Paribas Group, namely Bank BGŻ BNP Paribas S.A. of Warsaw (the “Bank”). As a result, the total estimated value of all agreements executed between the KRUK Group and the BNP Paribas Group between April 18th 2015 and the date of this report has reached PLN 74.9m, thus exceeding 10% of the KRUK Group’s revenue for the previous four financial quarters, which satisfies the materiality criterion.
In terms of value, the largest of these agreements is the Annex to the revolving facility agreement (the “Agreement”), signed on October 3rd 2014 between the Company and the Bank, as announced in Current Report No. 15/2015 of April 17th 2015.
Under the Annex, the Bank advanced to the Company a credit facility in a total amount of PLN 100m (the “Credit Limit”), available from the date of the Annex. In the period between the availability date and the final maturity date (set for December 31st 2020), the Credit Limit will be quarterly reduced by PLN 6.25m.
The facility is to be used for financing the Borrower’s day-to-day business operations, understood as financing or refinancing up to 80% of the purchase price/instalment of the purchase price of debt portfolios on the Polish, Romanian, Czech, Slovak or German markets, acquired by the Borrower or other entities of the KRUK Group.
The facility’s interest rate was set on market terms, at 3M WIBOR plus the Bank’s margin. The Bank’s remuneration was set on market terms.
The Bank’s receivables under the Agreement are secured by: a) a registered pledge over the debt portfolios purchased by the Company and financed or refinanced with funds from the facility, b) a financial pledge established under the law of Luxembourg over shares in the subsidiary Secapital S.a r.l., and c) a statement on voluntary submission to enforcement under Art. 97 of the Polish Banking Law.
The Agreement does not provide for any contractual penalties. The other terms and conditions of the Agreement did not differ from those commonly used in similar agreements.
The materiality criterion is met because the total value of the agreements exceeds 10% of the KRUK Group’s revenue for the previous four financial quarters.
Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information […]