Sun Finance Group bond issue

About company

Founded in 2017, Sun Finance Group is one of the fastest-growing online consumer lending companies in Europe.

Sun Finance operates in 9 markets across 3 continents – Latvia, Denmark, Sweden, Poland, Kazakhstan, Kyrgyzstan, Vietnam, Philippines and Mexico, employing more than 600 people.

Highly experienced management team with extensive fintech, risk and audit experience.

The Group’s shareholders are AS Puzzle international 80% (Aigars Kesenfelds as ultimate beneficial owner) and founders/management – 20%.

In March 2023, Sun Finance Group has been recognized by the Financial Times as one of the 1,000 fastest-growing fintech companies in Europe for the third consecutive year.

Additional information: https://sunfinance.group/investor-relations

Term Sheet

Issuer

Sun Finance Treasury Ltd

Sector

Non bank financing

Offer Type

Private placement

Security type

Senior unsecured bonds

Issue size

EUR 50 000 000

Coupon rate

11% + 3M EURIBOR

Coupon frequency

Monthly

Price

100%

Term

30.11.2026

Call option

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

Nominal value

EUR 1 000

Minimum subscription

100 000 EUR

Covenants

• Interest coverage ratio at least 1.75x
• Capitalization ratio at least 20%
• Unencumbered net loan portfolio / Total unsecured financial indebtedness at least 140%

Use of proceeds

Refinancing and portfolio growth funding

Listing

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

Arranger

Signet Bank AS

Additional information

Sun Finance bond issue

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Sun Finance presentation

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Where to invest?