IuteCredit Europe (ICE), a leading provider of consumer credit in the Balkans, has issued the 2021/2026 bond with a volume of EUR 40 million through its wholly owned subsidiary IuteCredit Finance S.á rl. The issue price of 96.5% corresponds to a return of 12.3% to maturity. With the permanent issue, the total volume of the IuteCredit bond 2021/2026 increases to EUR 115 million.
The strong interest of existing investors in the exchange of the 2019/2023 bond in the amount of more than EUR 23.3 million as part of the ongoing tap issue of the 2021/2026 bond was reinforced by new subscriptions in the amount of EUR 16.7 million.
Settlement is scheduled for April 6, 2023. The new bonds are expected to be listed on the regulated market of the Frankfurt Stock Exchange and Nasdaq Tallinn. The first trading day on the Frankfurt Stock Exchange is scheduled for April 6, 2023 and on the Nasdaq Tallinn for April 10, 2023.
GOTTEX Brokers SA (Switzerland), Signet Bank AS (Latvia), Bankhaus Scheich Securities Specialist AG (Germany), Redgate Capital AS (Estonia) and Adamant Capital Partners (Bulgaria) accompanied the transaction.
Aalto Capital (Germany) is acting as the sole global coordinator for the public offering and private placement and as financial advisor to the group.
Commenting on the transaction, Tarmo Sild, CEO of the Iute Group: “The successful bond issue is a recognition of our team and our technology. The capital markets are under pressure and interest rates have risen significantly since 2019. Raising EUR 40 million in March 2023 at a yield of 12.3% is proof that we have done the right job for our investors and our hundreds of thousands of end customers in the Balkans. We are confident that our 2021/2026 bond will continue to be in demand.”
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Photo: IuteCredit headquarters in Tallinn, Estonia