Kredyt Inkaso conditionally allocated bonds worth PLN 210 million

Kredyt Inkaso, one of Poland’s biggest players in the debt collection industry, conditionally allocated four-year series F1 bonds with the par value of PLN 210 million offered in a private placement.

• The monies raised from the issue will be earmarked to refinance the existing debt, inter alia for partial redemption of series Y, A1 and A2, C1, D1, E1 and Z bonds, and to finance the group’s current operations
• The coupon amounting to 4.9 percent above WIBOR 6M will be paid every six months
• The bonds were placed with 50 investors
• The company’s intention is to float the bonds on the Catalyst market
• The role of the sole oferror in the transaction is performed by NWAI Dom Maklerski S.A.

” The raised financing stabilizes and sorts out the company’s debt structure for the next 4 years, ensuring comfort of operations. At the same time, it is a confirmation of the Kredyt Inkaso’s credibility and professionalism in the challenging market. Our objective remains to grow the scale of business on the basis of investments in attractive debt portfolios” – comments Maciej Szymański, President of Kredyt Inkaso’s Management Board.

Kredyt Inkaso continues to be a solid and stable partner for investors investing in bonds. Throughout its history the company has placed 42 series of debt securities with the total par value of PLN 1.232 billion. All maturing bond series have been redeemed on time together with interest.

As at 31 December 2018, the group’s balance sheet comprised ten outstanding series of bonds with the total balance sheet value of PLN 456 million and 3 loans with the total balance sheet value of PLN 120 million.

In the first 3 quarters of the 2018/2019 financial year (April 2018 – December 2018) the group invested PLN 160 million in debt portfolios, 30 percent more year-over-year. The company’s Management Board expects that the scale of investments in the entire financial year will remain on the current level. In the analyzed period, payments from debtors amounted to PLN 172 million and net revenues to PLN 128 million, up by 29 percent and 32 percent yoy, respectively. Cash EBITDA for the 9 months ended 31 December 2018 was PLN 117 million, up by 24 percent year-over-year.

The company purchases debt portfolios from different sectors, primarily telecommunication, consumer loans and retail. In addition to Poland, Kredyt Inkaso operates also in Romania, Bulgaria, Russia and Croatia. The company currently does not plan further expansion but will focus on strengthening its position in the aforementioned markets.