L.J. Linen bond issue

About company

With its origins dating back to 1994, SIA L. J. Linen is a family owned B2B agro-products trading company with presence in 4 continents and 46 countries, and with approximately 160 suppliers and 175 clients worldwide.

The Company trades animal origin products and grains that have wide application in animal feeds, organic fertilizers, pet food, aquafeed, biodiesel, and cosmetics.

Over the years, L. J. Linen Group has become one the leading players in the segment and has established a wide network of suppliers and customers.

The Company’s shareholders are in the management board of the Company and have more than 20 years of experience in the field.

Additional information: https://ljlinen.com/

Term Sheet

Issuer

SIA L. J. Linen

Sector

Agriculture products trading

Offer Type

Private placement

Security type

Secured bonds

Collateral

• 2nd order pledge on assets of the Issuer
• 2nd order pledge on shares of the Issuer

Issue size

EUR 2 000 000

Coupon rate

10% + 3M EURIBOR

Coupon frequency

Quarterly

Price

100%

Term

12.2024

Call option

@102% after Y1
@100.5% last 3 months before maturity

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Covenants

• Net Debt / EBITDA of max 2.0x
• Interest coverage ratio of min 3.0x
• Equity ratio of min 40%
• Eligible accounts receivables / Net Debt of min 1.5x
• Restrictions on dividends

Use of proceeds

Working capital investments and partial refinancing of existing liabilities

Listing

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

Arranger

Signet Bank AS

Additional information

L.J. Linen Investor presentation

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L.J. Linen bond issue

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