MCB Finance Group plc , the consumer finance company providing credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania, has raised SEK 175 million (Euro 19.8 million) through a SEK denominated asset backed bond issue to investors in the Nordic region. This issue constitutes a first closing under a bond facility through which the Company can raise up to SEK 500 million (Euro 56 million).
The bonds will rank as senior obligations of the Company and will be secured against the Company’s outstanding customer loan receivables. They will be issued at par, have a maturity of three years and carry a fixed coupon of 13% per annum, paid quarterly in arrears. The bonds will be affiliated to Euroclear and listed on the Corporate Bond List of NASDAQ OMX prior to 1 July 2012.
Borenius group offices advised on structuring of refinancing and conducted pre-refinancing legal due diligence of subsidiaries of MCB Finance AS operating in Latvia, Lithuania, Estonia and Finland.