The announcement has been supplemented by Terms of the Notes Issue (attached).
On 20 May 2024, Sun Finance Treasury Limited submitted documents to Nasdaq CSD to register a new Senior Unsecured Notes issue with the following characteristics:
| ISIN | LV0000803187 |
| Type of security | Senior Unsecured Notes |
| Issue size | EUR 40 million |
| Nominal value | EUR 1,000 |
| Annual coupon rate | 11.00% |
| Coupon payment frequency | Monthly |
| Maturity | 30 November 2027 |
| Principal repayment | At maturity |
| Minimum subscription amount | EUR 100,000 |
| Listing | Planned listing on Nasdaq First North within 12 months from the issue date |
Funds that will be raised as a result of the Notes issue will be used to refinance the Group’s EUR 20 million notes issue (LV0000802494) maturing on 30 June 2024, as well as to finance new product development and further geographic expansion.
Notes issue is structured in a form of a private placement with EUR 100,000 minimum investment.
Offer to existing investors
Sun Finance Group would like to maintain cooperation with the existing investors, therefore LV0000802494 noteholders who hold bonds in the amount of at least EUR 100,000 will have an opportunity to exchange the existing bonds with the new ones for a rollover premium of 1%. The exchange period will commence on 27 May 2024 and end on 7 June 2024.
| Rollover premium | 1% of the invested amount |
Notes issue and exchange offer have been arranged by Signet Bank AS.
About Sun Finance Group and Sun Finance Treasury Limited
Sun Finance Treasury Limited is subsidiary of Sun Finance Group, AS. Sun Finance is a financial technology company established in Riga, in 2017, by CEO Toms Jurjevs and co-founder Emīls Latkovskis. Sun Finance operates as an online consumer financing platform in nine countries across four continents, with headquarters in Riga, Latvia. Sun Finance has more than 16.5 million registered customers and employs more than 1400 people, 180 of whom work at the headquarters in Riga. The company is led by a team of seasoned professionals with more than 15 years of experience in managing FinTech, financial and IT companies.