IuteCredit bond issue

About Company

Established in 2008, IuteCredit is one of the leading European consumer lending companies.

IuteCredit operates in 4 countries – Moldova, Albania, North Macedonia and Bosnia and Herzegovina with 36 branches, 580+ post offices with more than 2,390 point of sales (retailers).

Business model is built around high demand for personal finance solutions in under-banked markets with high GDP growth and low public/private debt.

Company is founded and located in Estonia. Management consists of IuteCredit founders and more than 370 full-time employees.

IuteCredit is an experienced and active capital markets participant, having issued and matured multiple bonds. The company’s investor base includes both individual and institutional investors from Baltics and other countries as the EUR 50m eurobond is listed on Frankfurt Stock Exchange Regulated Market.

Additional information:

https://iutecredit.com/investor-relations/
https://www.boerse-frankfurt.de/bond/xs2033386603-iutecredit-finance-s-a-r-l-13-19-23

Term Sheet

Issuer

IuteCredit Finance S.à r.l.

Sector

Non bank financing

Type

Private placement

Security type

Senior secured

Issue size

EUR 50 000 000

Coupon rate

13%

Coupon frequency

Semi-annual

Price

97%

Term

07.08.2023 (bullet)

Call option

Make whole until 07.08.2021, after @106.50% until 07.08.2022, after @103.25% until maturity

Put Option

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Covenants

Interest coverage ratio at least 1.50x
Capitalization ratio at least 15%

Use of proceeds

Refinancing

Arranger

Signet Bank AS