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“Sun Finance”, founded in Latvia, issues bonds in the amount of 50 million

The financial technology company “Sun Finance” has launched the largest bond issue worth 50 million euros so far. The funds raised will be invested in the company’s development, as well as directed to the refinancing of the company’s second bond issue, the company informs the media.

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The total amount of the new bond issue is 50 million euros, the annual coupon rate is 11% + 3M EURIBOR and the term is 3 years. The bonds are offered to investors in the form of a closed offer with a minimum investment amount of EUR 100,000, and existing investors who own bonds maturing on September 30 were offered the opportunity to exchange their existing bonds for the new ones. Similar to the previous two issues, the company plans to list this bond issue on the Nasdaq First North alternative market.

“This is the fourth time we have issued bonds to finance the rapid growth of Sun Finance, and each time we manage to significantly increase the amount of bonds to be issued. Investors appreciate and trust our chosen business development strategy. We observe that the pool of investors is increasing every time. This time, too, we will mainly direct the obtained financing to the expansion of the product range and the acquisition of new markets,” says Toms Yuryevs, the founder and manager of Sun Finance.

Like all previous Sun Finance bond issues, this one was also organized by Signet Bank. Signet Bank’s capital market team provides support to Baltic companies in structuring debt and capital transactions and raising funds in the capital market.

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“During our cooperation, Sun Finance has developed dynamically, becoming Latvia’s leading financial technology company, and we are very pleased to have the opportunity to lend a helping hand in this process, as bonds have become an important source of financing for the company. Thanks to the strong financial results, the company has managed to create a circle of reliable investors, which is also confirmed by the results of the bond exchange offer, when, similar to before, the majority of investors chose to continue their cooperation with the company,” says Kristiāna Janvare, head of Signet Bank’s Investment Department.

Since the start of operations in 2017, the total amount of loans issued by Sun Finance has exceeded one and a half billion euros. The success of the company has also been noted by the British-based business newspaper “Financial Times”, which has ranked “Sun Finance” at the top of the list of the fastest growing companies in Europe for two years in a row, and last year the company was recognized as the fastest growing financial technology company in Europe.

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