The European Bank for Reconstruction and Development (EBRD) has bought PLN 46.8m (€11.2m, £10m) worth of securitised bonds from Polish car lessor Prime Car Management (PCM).
PCM operates through brands Masterlease, Futura Leasing and MasterRent24. It is listed on the Warsaw Stock Exchange.
The company has issued PLN 250m worth of senior, secured bonds, which will be followed by a second tranche of equal size.
Noel Edison, EBRD director for insurance and 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, director of PCM’s 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 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.”