DelfinGroup bond issue

About company

AS DelfinGroup (the Group), established in 2009, has grown to become Latvia’s leading financial services provider, operating the largest pawn shop network in the country under the Banknote and VIZIA brands, with 85 branches across Latvia.

The company’s core services are consumer loans, pawn broking loans (loans against pledge of movable property) and sale of pre-owned goods.

The Group employs over 370 people, led by a highly-experienced management team.

DelfinGroup has issued 15 bonds to date, with a total value exceeding EUR 125 million. The Issuer’s bonds have been listed on the Nasdaq Riga stock exchange since 2014.The company’s investor base includes both individual and institutional investors from Baltics and other countries.

Since October 2021, DelfinGroup shares are listed on Nasdaq Riga regulated market with a free float of c. 26% and current market capitalization of EUR 64.8 million (as at 5 May 2026).

Reports: https://delfingroup.lv/reports

Additional information: https://signetbank.com/wp-content/uploads/2026/05/DelfinGroup-teaser-EN.pdf

Term Sheet

Issuer

AS DelfinGroup

Sector

Non-bank financing

Type

Private placement

Security type

Unsecured bonds

Issue size

EUR 35 000 000

Coupon rate

9.5%

Coupon frequency

Monthly

Price

100.00%

Term

25 May 2029 (bullet)

Call option

-No call until 25.11.2026
-@101% between 25.11.2026 and 24.05.2027
-@100% from 25.05.2027

Callable only at coupon payment date (full redemption only)

Put option

@101% Change of Control

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Covenants

-Capitalization ratio at least 20%
-ICR at least 1.5x
-Net Loan Portfolio / Unsecured Debt at least 1.2x

Use of proceeds

-Refinancing of existing bonds
-Business development

Listing

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

Arranger

Signet Bank AS

Offer for LV0000860146 bondholders (maturity 25 November 2026)

1.0% rollover premium for exchanging their existing bonds for new bonds (1:1) exchange