Tallinn, Estonia, 26 November 2020. IuteCredit Europe (“ICE”), a leading European personal finance group, successfully placed a EUR 10 million tap issue of its Senior Secured Corporate Bonds 2019/2023 (XS2033386603) at 97% plus accrued interest. Settlement is expected to take place on 3 December 2020. The bonds will be listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange shortly after settlement, subject to final approval of the prospectus by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Upon completion of the tap issue, the total outstanding amount of the 13% corporate bonds of IuteCredit 2019/2023 (XS2033386603) will be EUR 50 million.
KNG Securities LLP (UK) acted as lead manager with GOTTEX Brokers SA (Switzerland) and Signet Bank AS (Latvia) as co-managers. Adamant Capital Partners AD (Bulgaria) and Bankhaus Scheich Wertpapierspezialist AG (Germany) accompanied the offering as sales agents. Aalto Capital (Germany) acted as financial advisor and global coordinator to the Group.
Tarmo Sild, CEO of IuteCredit, commented: “I firmly believe that 2020 has shown that IuteCredit is driven by reason even in the face of crisis and not by fear or misconceptions. The bond tap contributes to Iute’s ability to grow and fulfill its mission to create the extraordinary experience for our customers. In fact, the tap is the only reality test of investor confidence in our business figures and therefore in our team, processes and technology. The underlying confidence in the quality of our portfolio is essential for us since the bonds are served with the cash flows of our customers. We have been following and achieving this principle for 13 years. In the current environment, we consider it a particular success and are grateful that, we have raised funds from existing and new investors through to a virtual roadshow, largely without the need for face-to-face meetings.”