• Integer drops most on record as ING says covenants at risk
  • Company mulls refinancing debt or raising new funding

Poland’s biggest private postal company sank the most on record after ING Groep NV warned it will struggle to meet debt targets as revenue slumps.

Shares in Integer.pl SA closed down 18 percent at 48.60 zloty in Warsaw, the lowest level in six years and a 42 percent collapse over the past seven days. The company must swing to earnings before interest, taxes, depreciation and amortization of 28 million zloty ($7.18 million) in the second quarter from a loss in the first in order to stick to its end-June debt covenants, according to Wojciech Debski, an analyst at ING in Warsaw.

That goal “is doubtful,” Debski said in an e-mailed note. “There is little hope for material improvement. The postal segment is likely to remain in the red.”

Integer.pl, established by Polish entrepreneur Rafal Brzoska as an alternative to the state Post Office and courier companies, was one of the fastest-growing stocks on the Warsaw Exchange. At its peak in 2013, it commanded a market capitalization of more than 2 billion zloty, about five times the level on Wednesday. Integer’s debts surged after it expanded services overseas, while revenue from key state clients has fallen.

Integer is considering various options to meet its covenant obligations, including refinancing existing debt and “raising new funding,” Tomasz Pozniak, the head of investor relations at the company, said by phone. He declined to provide further details.

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