The meeting of bondholders of F1 series bonds held on 2 July 2021 voted on the resolutions on changing the terms and conditions of the issue. The bondholders agreed that the Company would incur new debt, which would allow for the purchase of new portfolios and taking advantage of the good situation on the debt management market.
2 July 2021 saw a meeting of bondholders of F1 series bonds, issued by the issuer – Kredyt Inkaso SA – in April 2019. The said meeting was aimed to pass the resolutions proposed by the issuer, which introduced changes to the terms and conditions of the issue and allowed the Company to incur new liabilities. The drafts proposed to increase the current debt limit from 3.5x to 3.75x and from April next year from 3.25x to 3.5x. The Company also accepted the bondholders’ request to introduce a debt cost limit, which was set at 8% per annum, increased by the IRS rate (calculated for the debt repayment date). The bondholders’ meeting finally agreed to the proposed changes.
The approved changes will make it possible for Kredyt Inkaso to finance planned purchases of new debt portfolios. Accordingly, they will exert a positive impact on the further development of the company as well as will allow the current good market environment to be exploited.
“The debt management industry is currently preparing for the growing supply of debt portfolios and greater activity of original creditors in this regard. After the significantly smaller scale of transactions seen last year – associated with high market uncertainty – it is expected that pre-covid levels will at least get back or even exceed those figures substantially. The decisions taken by the last bondholders’ meeting will help us implement our plans for the year to come. Our desire is to be an active player on the market and develop the company even faster. We came down with a good proposal for the bondholders and it was understood and accepted by all professional market participants.” – said Maciej Szymański, President of the Management Board of Kredyt Inkaso.
Concurrently, the Company concluded bilateral agreements with all holders of Series B1 and G1 bonds on changes to the terms and conditions of B1 and G1 series bonds consistent with the changes approved by the meeting of holders of Series F1 bonds.
About Kredyt Inkaso
Kredyt Inkaso was established in 2001 as a pioneer on the Polish market of debt management. Ever since, it has been constantly supporting companies and entrepreneurs in the recovery process, cooperating with banks, lenders, insurers and other entities from the consumer market. Kredyt Inkaso offers a wide range of services: from payment monitoring, through amicable collection, to court and enforcement processes.
Since 2007, Kredyt Inkaso has been present on the Warsaw Stock Exchange, and in 2018 it conducted the first public issue of bonds. In its activity, the Company follows the principle that the process of debt collection should be as easy and intelligent as possible, but first of all, it should be ethical – which is confirmed by Ethical Audit Certificates awarded annually by the Association of Financial Enterprises in Poland. The Company also pays attention to the issues related to corporate social responsibility and therefore is involved in educational or pro-social undertakings, among others.
