ESTO bond issue

About company

ESTO Holdings (ESTO) is a leading innovative payments technology company and provides shopping solutions for e-commerce merchants in the Baltics.

ESTO was established in 2017, operates in the Baltics and is headquartered in Estonia with offices in Tallinn, Tartu, Vilnius and Kiev.

ESTO has more than 48,000 active clients and close to 1,500 partnerships with various online merchants and e-shops.

50.1% of the ESTO belongs to Estonian co-founders and management of the company and 49.9% is owned by experienced Estonian fintech investors (Ivo Tahk, Kristjan Tiik, Vahur Rajaver), who have previously founded and successfully exited non-bank lending businesses.

ESTO has grown their market share across their businesses and continued to make significant investments in products and technology, while maintaining credit discipline and a strong balance sheet.

Term Sheet

Issuer

ESTO Holdings OU

Sector

Non bank financing

Type

Private placement

Security type

Secured bonds

Planned issue size

EUR 15 000 000

Coupon rate

Term

17.11.2024 (bullet)

Call option

@102% after 1st year,
@100.25% last 3 months before maturity

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Use of proceeds

• Refinancing of existing liabilities
• Financing the company’s operations in new markets

Covenants

• Interest coverage ratio at least 2x
• Equity ratio at least 20%
• Value of pledged portfolio at least 1.2x of bonds outstanding

Listing

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

Arranger

Signet Bank AS

Additional information

ESTO presentation

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ESTO bond issue

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