IuteCredit-Anleihe 2021/26: Anpassung von Anleihebedingungen – Gläubigerabstimmung am 3. August 2023

Donnerstag, 13. Juli 2023

Pressemitteilung der IuteCredit Finance S.à r.l.:

Iute initiates process to amend terms and conditions of EUR 2021/2026 bonds

Invitation to Bondholders’ Meeting on 3 August 2023

Iute Group, a leading European personal finance group, through its fully owned subsidiary IuteCredit Finance S.à r.l., has initiated the formal process to amend the terms and conditions of its EUR 2021/2026 bonds (ISIN: XS2378483494). The proposed amendment to the terms and conditions accounts for the changes in the Group’s structure following the acquisition of Energbank, as well as the continued and significant growth and development of Iute Group’s business. As a result, both bondholders‘ opportunities to participate in the success of Iute Group as well as the protection of interest and redemption will be safeguarded.

The amendment of the terms and conditions under Proposal 1 (lowering of the interest coverage ratio in relation to the incurrence test) is aimed at optimizing the Group’s capital structure, allowing for prudent asset leverage and capital allocation.

While the acquisition of Energbank represents an exciting opportunity for growth and innovation in the Moldovan financial market, approximately EUR 22 million of capital is currently illiquid in Energbank’s equity and is not yet generating income as the integration process is still ongoing. As a result, an investment promising high profitability in the future is currently impacting the expansion of the loan portfolio and is temporarily depressing the development of EBITDA.

Note: The changes under Proposal 1 relate only to the incurrence test. Financial covenants related to the maintenance test such as the interest coverage and capitalization ratio are not affected and remain unchanged.

The amendment of the terms and conditions under Proposal 2 (increasing the flexibility of the permitted debt baskets) and Proposal 3 (facilitating the implementation of employee participation programs) reflects the continued and substantial growth and development of the Group and its business.

The above resolution proposals constitute a Uniform Resolution Proposal and will therefore only be voted uniformly on as a Uniform Resolution Proposal.

Upon approval of the Uniform Resolution Proposal and the amendment of the Terms and Conditions, bondholders who have voted in favor of the Uniform Resolution Proposal will receive an amendment fee of 0.25% of the nominal amount of the bonds.

The notice of invitation to convening a meeting of bondholders on 3 August 2023 to vote on the amendments to the terms and conditions has been given through the clearing systems and has been published today on the Group’s website, alongside other supporting documents.

The results of the voting will be available on the Group’s website subsequent to the meeting of the bondholders.

Aalto Capital (Germany) acts as Financial Advisor to the Group. Holders of EUR 2021/2026 bonds are encouraged to reach out directly to Aalto Capital for more information regarding the process for amending the terms and conditions of the bonds:

Aalto Capital AG

Manfred Steinbeisser, Managing Partner
Email: manfred.steinbeisser@aaltocapital.com
Phone: +49 175 266 89 01

The full documentation is available at: https://iutecredit.com/investor/#bonds