Bank participates in first three-year, PLN-denominated, senior secured bonds issuance
The EBRD has invested PLN 46.8 million (approximately €11.1 million) in zloty-denominated, senior secured bonds issued by the Polish company Prime Car Management S.A. (PCM) as part of a PLN 250 million total issue. It was PCM’s first bond issue under its new PLN 500 million bond programme.
PCM is a public company listed on the Warsaw Stock Exchange. Operating through its Masterlease, Futura Leasing and MasterRent24 brands, the company is a market leader in car fleet management services in Poland and specialises in offering full service leasing.
The bonds will support PCM’s growth strategy and help the company diversify its funding base. The proceeds will enable the company to expand its leasing activity, supporting the growth of its small business and corporate customers in Poland.
The EBRD’s investment aims to strengthen the local capital market, one of the Bank’s priorities in Poland to support sustainable growth and a resilient economy.
Noel Edison, EBRD Director for Insurance & Financial Services, said: “We are pleased to enter into this partnership with PCM which combines our goals to support promising local companies and the development of the capital market in Poland. It is an excellent example how these go together.”
Grzegorz Zielinski, EBRD Regional Director for Poland and the Baltics, added: “We remain committed to Poland and this project demonstrates very clearly the role the EBRD can play as an investor, supporting the growth and development of young and dynamic Polish companies.”
Maciej Letniowski, PCM, Director of Controlling Department, commented: “The bond issue, which appears as one of the largest on the Polish market in 2017, is an important step in the development of PCM. Based on the success of the bond issue, the Company plans to develop financing of its operations through the bond market. We are pleased that EBRD has trusted us and supports us in our operations.”
Since the beginning of its operations in Poland in 1991, the EBRD has invested €8.8 billion in more than 390 projects in the country. In addition to its wide range of products for banks and companies, in recent years the EBRD has built a growing portfolio of investments (both equity and debt) in the Polish financial sector, for which demand remains high.