AS LONGO Group bond issue

About company

Established in 2018, Longo is the fastest growing and the largest used car retailer in Baltics present in Riga, Tallinn, and Vilnius.

In the fragmented Baltic used car market, Longo is the only pan-Baltic used-car retail, more than 2x exceeding the size of its closest competitor in terms of units sold.

The Group is transforming the market, offering the most convenient and safest used car shopping experience end-to-end, both digital and on-site with the largest and widest competitively priced assortment of popular used car models in the Baltics.

The Group has a strong own capital base with an equity ratio of 63% at the end of Q1 2022, demonstrating strong shareholder support for the Group’s strategy.

Term Sheet

Issuer

AS Longo Group

Sector

Used car retail

Type

Private placement

Security type

Senior secured bonds

Issue size

Up to EUR 5 000 000

Coupon rate

6% + 3M EURIBOR

Coupon frequency

Monthly

Term

June 2025

Call option

@101% after 1st year,
@100% last 3 months before maturity

Nominal value

1 000 EUR

Minimum subscription

100 000 EUR

Covenants

• Interest coverage ratio of min 2x
• Adjusted Equity ratio of min 30%
• Inventory coverage ratio of min 1.5x

Use of proceeds

• Working capital investments

Listing

Planned listing on Nasdaq First North within 12 months from issue date

Arranger

AS Signet Bank

Additional information

LONGO presentation

Download

LONGO Bond Issue

Download

Where to invest?