Kruk with €250 mln loan agreement

WSE-listed debt collector Kruk has signed a  revolving €250 million loan agreement with a syndicate of four banks: DNB Bank, BZ WBK, mBank and ING Bank Śląski, the company said in a market filing. Kruk will spend the money on purchase or refinancing of purchase of debt portfolios abroad. “This is a very important agreement in the context of our dynamic development in Europe and almost triples the availability of our credit lines,” Kruk CEO Piotr Krupa said. “The value of the loan is not accidental and corresponds to a high supply of debt in the countries in which we operate. At the same time, it will be a natural tool for hedging foreign exchange risk by adjusting the structure of assets and liabilities,” he added. In Q1, Kruk invested PLN 241 million in acquiring various liabilities, 90 percent of them was in foreign markets. Repayment of foreign debt portfolios in this period for the first time in history exceeded repayments from the Polish market.