Sun Finance bond issue

About company

One of the fastest-growing online consumer lending companies in Europe.

Operates in 9 markets across 4 continents – Latvia, Sweden, Spain, Poland, Kazakhstan, Sri Lanka, Philippines, Mexico and Kenya structured in regional HUBs for more effective management and performance analysis.

The Group provides its services mostly online and through selected offline channels, having surpassed EUR 3.6bn in issued loans at the end of 2024.

The Group’s core products are microloans with duration up to 30 days, open-ended line of credit and instalment loans with term up to 36 months.

In March 2025, Sun Finance Group has been recognized by the Financial Times as one of the 1,000 fastest-growing fintech companies in Europe for the fifth consecutive year.

The Group is led by highly experienced management team who has been with Sun Finance since its inception.

Additional information:

https://signetbank.com/wp-content/uploads/2025/03/Sun-Finance-teaser-EN.pdf

Term Sheet

Issuer

Sun Finance Treasury Ltd (Malta)

Security type

Senior Unsecured

Offer type

Private placement

Guarantee

Holding company and all material Group subsidiaries

Issue size

EUR 50,000,000

Coupon rate

10%

Coupon frequency

Monthly

Term / Maturity

29 September 2028

Principal repayment

Maturity date, bullet

Offer to existing ibondholders

 1% roll-over premium for existing bondholders (ISIN LV0000860112; maturity 30.09.2025)
 1:1 exchange ratio

Call Option

Year 1 – no call
Year 2 – @102%
Year 3 – @101%
6 months before maturity – @100%

Put Option

Change of Control – @101%

Nominal value

EUR 1,000

Minimum subscription

EUR 100,000

Listing

Listing on Nasdaq Riga First North within 12 months after the Issue Date

Use of proceeds

Refinancing of existing bonds

Covenants1

 Capitalization Ratio2 of at least 20%
 Interest Coverage Ratio3 at least 1.75x
 Unencumbered receivables4 ratio of at least 1.4x

Arranger

Signet Bank AS

Where to invest?