Yorkville Advisors, the US-based alternative investment manager, has entered into a PLN50m standby equity distribution agreement on behalf of one of its funds with Warsaw Stock Exchange listed Calatrava Capital.
Calatrava Capital is a Poland-based investment company specialising in IT services and software, energy and fast moving consumer goods.
Calatrava Capital entered into the agreement as a means of raising additional capital, as and when required, to increase the scale of its current investment projects.
Pursuant to the terms of the agreement, Calatrava Capital has the discretion, for up to 36 months, to withdraw funds of up to PLN50m in tranches in exchange for the issue of new equity.
Pawel Narkiewicz, chief executive of Calatrava Capital, says: “We were attracted to the SEDA due to the flexibility it offers as well as Yorkville’s wide knowledge on funds and financing technology businesses. Calatrava has a clear and ambitious development plan and we anticipate that Yorkville, enabled by its experience and network, will serve as a long-term and strategic partner for our growth. The SEDA allows for an efficient mechanism for Calatrava to issue new shares at any time over the period under the control of management.”
Paul Strzelecki, managing director, Yorkville Advisors UK, adds: “This is Yorkville’s second deal in Poland in as many months. We are pleased to be able to apply our flexible propriety financing model to another listed fund in Poland and help this public vehicle fund private Polish enterprises.”
