IuteCredit bond issue

About company

Established in 2008, IuteCredit is one of the leading European consumer lending companies, based in Tallinn, Estonia with more than 970 full-time employees.

IuteCredit offers its customers dealer loans, cash loans, car loans as well as banking services through its recently acquired Energbank.

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

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 its two eurobond issues are listed on Frankfurt Stock Exchange Regulated Market.

Term Sheet

Issuer

IuteCredit Finance S.à r.l. (Luxembourg)

Sector

Non bank financing

Offer Type

Public offer in Estonia, Latvia, Lithuania

Security type

Senior secured bonds

Issue size

Tap issue of max EUR 50m

Coupon rate

11%

Coupon frequency

Semi-annual

Price

96.50 – 99.50

YTM

12.3% – 11.2%

Rollover premium for XS2033386603 bondholders

Maturity

October 6, 2026 (3.6 years)

Nominal value

100 EUR

Minimum subscription

100 EUR

Covenants

• Interest Coverage Ratio at least 1.5x
• Capitalization Ratio at least 15%

Listing

Frankfurt Stock Exchange & Tallinn Stock Exchange Regulated Market

Additional information

IuteCredit bond issue

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