KRUK Spólka Akcyjna : increases access to bank credit
May 22, 2024 at 12:33 pm
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On 21 May 2024, the KRUK Group executed an annex to the multi-currency revolving credit facility agreement with a bank syndicate, with Oslo-based DNB Bank ASA serving as the agent. The annex increased the available credit from EUR 575 million to a maximum of EUR 625 million.
"KRUK is currently positioned very favourably in its growth trajectory, and access to additional EUR 50 million aligns seamlessly with our plans. The syndicate's decision to increase its total exposure confirms the banks' confidence and our market strength. For KRUK, this translates into greater access to a highly flexible and long-term line of credit. We are actively engaged in discussions with banks to increase financing, and we are also seeing significant investor interest in our bonds. We will assess our needs and prioritise KRUK's business needs when considering a potential bond issue. We operate across four major European markets, including Italy and Spain, where the currency of our investments is euro. This offers us diversification and the flexibility to select the most suitable debt portfolios for optimal financing," commented Piotr Krupa, CEO and President of the Management Board of KRUK S.A. "After the first quarter of 2024, we achieved record quarterly results, with profits exceeding PLN 330 million and cash EBITDA reaching PLN 600 million. We can boast a solid financial position. Our net debt to cash EBITDA ratio is 2.3. This is remarkable not only within our industry but also across the broader business landscape. As the scale of our business expands, we are securing financing from a variety of sources, including our own funds, debt securities, and bank loans. Thanks to the trust of our investors and our dedicated efforts, we have become the largest public company in the industry worldwide, with a capitalisation nearing PLN 9 billion. This motivates us to persist in our transformation efforts, both in operational excellence and technological advancements," Piotr Krupa concluded.
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22 May 2024 and is solely responsible for the information contained therein. Distributed by
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22 May 2024 11:32:09 UTC.
Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on clientâs behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Companyâs operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.