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Mintos is pleased to announce that IuteCredit Europe, a leading European personal finance group, announced the issuance of a four-year senior secured corporate bond (ISIN: XS2033386603) worth EUR 40 million, with an annual interest rate of 13%. The settlement of the bond is expected to be on 7 August 2019.
The new bonds are expected to be included in the Open Market of the Frankfurt Stock Exchange on 7 August 2019. Application will be made to list the bonds on the Regulated Market within six months.
The size of the bond issuance is a great milestone for IuteCredit. It indicates the growth and maturity of the company and shows the loan originator’s ability to originate and service its loans at scale. It also showcases the company is being recognised by institutional investors across Europe.
The proceeds from the bond issuance will support IuteCredit’s continued growth in the Balkans and diversify their funding sources.
What does this mean for Mintos investors?
IuteCredit will use part of the bond’s proceeds to refinance its loan book on the marketplace. From August 15, 2019, IuteCredit will repurchase part of its loans from Mintos investors using their call option as stipulated in the assignment agreement.
Currently, total loans outstanding on Mintos by IuteCredit amount to around EUR 24 million. IuteCredit’s net loan portfolio amounts over EUR 61 million. We will provide you with more information on the expected repurchases in the coming weeks.
IuteCredit expects to continue funding part of their loan book through Mintos in the future, both from existing countries and new countries it has entered or is about to enter.
IuteCredit – established in 2008 – is a leading European personal finance company. The Group is specialised in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North-Macedonia, Kosovo and Bosnia and Herzegovina.
Until March 31, 2019, 300 people including the management and IT team served 150,000 of active loan customers and worked with a pool of 430,000 customers.
IuteCredit’s loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months.
The mission of IuteCredit is to create an extraordinary experience in personal finance by exceeding customers’ expectations.