Allegro secures PLN 6 billion refinancing in 5‑year term‑loan
Allegro secures PLN 6 billion refinancing in 5‑year term‑loan and RCF package
Investment, E‑commerce
💎 Poland’s e‑commerce pioneer Allegro strengthens capital structure with PLN 6 bn refinancing amid strong investor demand
Poland’s leading online marketplace, Allegro, has completed a major refinancing deal, entering into a new senior facilities agreement dated 18 November 2025 for a total of PLN 6.0 billion (≈ €1.24 billion). The package comprises a PLN 3 billion term‑loan facility and a PLN 3 billion multi‑currency revolving credit facility (RCF), maturing in November 2030 with optional extension to 2035.
The transaction attracted participation from 18 institutions spanning domestic and international banks and insurers — among them Bank Gospodarstwa Krajowego, PKO Bank Polski, BNP Paribas, CaixaBank, ING Bank Śląski and UniCredit — signalling one of the strongest orderbooks seen this year in the Polish corporate financing market. The deal reinforces market confidence in Allegro’s long‑term growth outlook and provides significantly enhanced financing flexibility.
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Allegro’s track record of continuous success
Launched in 2013, Allegro has grown from a local auction site into a dominant force in Central and Eastern Europe’s e‑commerce market. The company reported robust growth in recent years: for example, Q4 2022 revenue growth stood at 92 % YoY and Adjusted EBITDA climbed 33 %. Its 2025 debut bond issuance earlier this year also met with strong demand — Allegro raised PLN 1 billion (≈ €208 million) with subscriptions exceeding PPLN 2.7 billion and pricing at around 130 basis points above WIBOR6M.
With a shopper base exceeding 20 million and a seller ecosystem of several hundred thousand merchants, Allegro’s platform now encompasses payments (Allegro Klik), logistic services, and fintech offers. A recent partnership with PKO Bank Polski plans to provide financing to platform sellers of up to PLN 300,000 (≈ €68,000) each, with a target to onboard up to 20,000 merchants and total financing of PLN 1.5 billion over three years.
Strategic rationale behind the refinancing
The PLN 6 billion financing allows Allegro to retire its previous senior facilities (with outstanding balances of nearly PLN 4.96 billion) and simplify its capital structure. Under the new agreement, the total net leverage covenant is capped at 4.5× EBITDA, with triggers for security provision if the 3.5× threshold is breached. The long maturity and optional extension provide strategic flexibility for Allegro to pursue growth investments, expansion into new marketplaces and continued platform innovation.
The participation of top‑tier institutional lenders reflects strong investor trust in Allegro’s fundamentals — its scalable business model, high margin profile, and regional leadership. According to the company, “such an outstanding result would not have been possible without thorough preparation, precise execution and close cooperation between all parties.” The company specifically thanked top executives for their leadership during the process.
Implications for the Polish and regional
This refinancing is a major signal for Poland’s corporate finance and technology sectors. It highlights how domestic market‑leaders can access deep liquidity and secure long‑tenor institutional backing on terms comparable to Western peers. For the broader Polish tech ecosystem, Allegro’s success reinforces the attractiveness of the region as a platform for scale‑ups and mature tech companies.
Allegro’s financing flexibility now positions it to accelerate seller financing, invest in logistics and cross‑border expansion, and further embed its fintech capabilities — all while leveraging its leading e‑commerce scale. As the company extends its ambition across Central & Eastern Europe, this deal underlines that Polish champions can now tap large‑scale debt markets, complementing equity capital and helping reduce cost of capital.
Tags: Investment, E‑commerce
