PLN 400 Million in New Financial Instruments for Trakcja PRKiI
Trakcja PRKiI is finalising a financial restructuring programme with a total value exceeding one billion zloty, of which almost PLN 400 million comprises the following new instruments:
• new revolving credit facilities in the maximum amount of PLN 104.6 million, • a revolving loan in the maximum amount of PLN 27.6 million, • additional guarantee lines for advance payment refund guarantees on contracts in the amount of PLN 200 million, • an increase in the Company’s share capital by no less than PLN 39.6 million.
In addition, the Company will also be able to issue bonds for an amount of PLN 20 million.
“We have developed one of the largest and most comprehensive financial restructuring programmes implemented in construction companies in Poland in recent years – says Marcin Lewandowski, President of the Management Board of Trakcja PRKiI.The preparation and implementation of this task was made possible thanks to the involvement of many financial institutions and our employees, for which I am very grateful. The successful outcome of the work confirmed the solid foundations of the Trakcja Group and the high level of trust placed in us by our stakeholders. I am convinced that the programme we have developed can become a model solution for other companies”.
The Company will allocate the funds received to settling liabilities, granting intra-group loans, and providing liquid financing for current operating activities. This year, the Company has already signed contracts worth almost PLN 413 million, while contracts worth approximately PLN 686 million resulting from further won tenders are awaiting signature.
As part of the programme, the Company also renewed: existing limits for performance bond guarantees of over PLN 616 million and credit lines launched under bridge financing of PLN 31 million. Existing bilateral credit agreements with banks for over PLN 130 million were also extended.
“The new financial instruments will allow us to sign further contracts, accelerate works on contracts, and intensify our tendering activity in new procedures” – adds the President of the Management Board of Trakcja PRKiI.
