KRUK opens subscriptions for its third eurobond issue

KRUK announces that it has published the Final Terms and Conditions of its Series AO5EUR notes in a press release dated January 17, 2024.

According to the company’s declarations, the bonds will be issued through a public offering under the Tenth Bond Program at an issue price equal to their nominal value. The issue price will be 100 euros per bond, with a total nominal value of the entire series of 10 million euros.

The bonds bear interest at a variable rate, based on the 3-month Euribor® plus a fixed margin of 4.0 percentage points per year. Subscriptions for the bonds will be open from 18 to 30 January 2024. The offering will be carried out by a distribution syndicate consisting of: Dom Maklerski BDM S.A., Michael/Ström Dom Maklerski S.A., Bank Polska Kasa Opieki S.A.Biuro Maklerskie Pekao, Noble Securities S.A. and Dom Inwestycyjny Xelion sp. z o.o.

The bonds will exist in book entry form and the Company will apply for their admission to trading on the Catalyst regulated market operated by the Warsaw Stock Exchange.

Piotr Krupa, KRUK S.A. CEO declared “Last year, we issued bonds in Poland with a nominal value of PLN 835m and EUR 10m, along with a series of foreign bonds amounting to EUR 150m. Demand for our prospectus-based bonds was strong, leading to order reductions of several dozen percent. We recognise that euro bonds are an attractive option for retail investors in Poland’s debt securities market. Subscriptions for KRUK’s upcoming EUR 10m bond series will be open from 18 to 30 January 2024,’ . ‘We are continuously developing, optimising our operations, and undergoing digital transformation. As an international organisation, we continue to expand in the European markets that are key to our industry. In 2023, KRUK posted over PLN 3bn in recoveries and nearly PLN 3bn in investments. Our unwavering growth is supported by internal resources, excellent access to bank financing, and funds raised from bond issues.”

The offering of bonds of the AO5EUR series is carried out on the basis of the Prospectus for the tenth bond program of KRUK, approved by the Polish Financial Supervisory Authority on July 11, 2023.

According to the prospectus, KRUK can issue bonds with a total nominal value up to PLN 700 million until July 2024.

Kruk specifies that the approval of the Prospectus by the Polish Financial Supervisory Authority should not be construed as approval of the Series AO5EUR Bonds and that the aforementioned bonds will be offered exclusively in Poland.

Roberto Sergio

Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.

Credit Village is a leading company in the field of specialized publishing and event organization for the credit management industry and in all issues and aspects related to the NPE market, including ESG , M&A, Real Estate etc. Credit Village has been the first company in Italy to bring the culture of the credit management industry to the press, events and online, creating the largest community in the sector around itself.