20 October 2021. 4finance S.A. (“4finance” or the “Company”) announces the pricing of its new EUR 175 million five year senior unsecured bond issue at par with a 10.75% coupon, maturing October 2026. The proceeds from the new issue will be used to repay the Company’s outstanding USD 200 million bonds.
This transaction completes 4finance’s refinancing process this year, following the earlier buyback and cancellation of USD 125 million of its bonds and the refinancing of its EUR 150 million bonds. The Company’s funding is now all in euros, which reduces the overall cost of funds.
4finance CEO, Kieran Donnelly, commented:
“This new issue fully refinances our remaining USD bonds and is the final step in our refinancing programme. We have a healthy level of cash on balance sheet and now have an improved liability profile with 20 months between the maturities of our €150m bond issue due in February 2025 and this €175m issue due in October 2026. This is a strong platform from which to further develop our business.
“We were pleased to see many of our long-term investors participating in this new issue, and to welcome many new investors, with over 80 participants in total. We appreciate your support.”
The Company issued a conditional notice of early redemption of all its remaining USD bonds on 6 October. The settlement date for this redemption is expected to be 28 October.
ABG Sundal Collier AB and Stifel Nicolaus Europe Limited acted as Joint Global Coordinators and Bookrunners, with BCP Securities LLC as Lead Manager and Gottex Brokers and Renaissance Capital as selling agents.
Baker McKenzie LLP acted as legal counsel for the Company, and White & Case LLP as legal counsel for the Bookrunners and Lead Manager.
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