AS DelfinGroup bond issue

About company

AS DelfinGroup, 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 more than 90 branches.

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

DelfinGroup employs employs over 380 people, led by a highly-experienced management team.

DelfinGroup has issued 13 bonds to date, with a total value exceeding EUR 100 million and the company’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 57.27% and current market capitalization of EUR 58.4 million.

Additional information:

https://www.delfingroup.lv/reports

https://signetbank.com/wp-content/uploads/2025/09/DelfinGroup-Bonds-teaser-EN.pdf

Term Sheet

Issuer

AS DelfinGroup

Sector

Non-bank financing

Type

Private placement

Security type

Unsecured bonds

Issue size

EUR 25 000 000

Coupon rate

9.5%

Coupon frequency

Monthly

Price

100.00%

Term

25.09.2027 (bullet)

Call option

Year 1 – @101%
Year 2 – @100%

Put option

@101% Change of Control (excl. INDEXO)

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 bond and Signet Bank loan
• Business development

Listing

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

Arranger

Signet Bank AS

Sales agent

Evernord UAB (Lithuania)

Offer for LV0000802718 bondholders (maturity 25 Feb 2026)

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

Where to invest?