Allegro, the largest b-to-c marketplace in Poland, has reduced its debt from 6.1 billion zlotys ($1.6 billion U.S.) to 5.5 billion million zlotys ($1.4 billion) after a refinancing transaction. The company has also dissolved several supervisory boards, including those for Allegro.eu, Allegro.pl, and Ceneo.pl.

Allegro’s existing debt was refinanced using funds from new loans acquired in September, as well as from the IPO process, which ended a few days ago. Financial costs related to debt refinancing totaled 170 million zlotys ($43.7 million U.S.) and will be included in the results for the third quarter of FY2020. The new loans are set to mature in October 2025.

The company also announced that Danielle Arendt-Michels, Gautier Laurent, Séverine Michel, Cédric Pedoni and Gilles Willy Duroy are leaving the supervisory board of Allegro.eu, the main shareholder of the marketplace Allegro.pl and price comparison site Ceneo.pl. Additionally, the supervisory boards of Allegro.pl and Ceneo.pl have been dissolved. The company did not explain the reasons for these changes.

Allegro’s H1 2020 net revenue was PLN 1.8 billion ($480.8 million U.S.), up from PLN 1.2 billion in the same period last year. Adjusted EBITDA was PLN 808 million ($216 million U.S.), up from PLN 631 million in H1 FY2019.

As of June 30, Allegro had around 12.3 million active buyers on its marketplace, a 13% year-on-year increase.

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