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Evolution Credit sets quarterly partial redemption amount on Nordic bonds
Rebecca Melvin
Concord, N.H., March 1 – Evolution Credit Ltd. announced it is making an increased early partial redemption of two of its Nordic senior bonds, using excess cash as mandated by the terms and conditions of the notes, according to a company release.
Formerly named Real People Investment Holdings Ltd., Evolution Credit will redeem SEK 3,519,186.40 senior bonds due 2028 (ISIN: SE 0005392560) and NOK 2,738,942.27 senior bonds due 2028 (ISIN NO 0010689342).
The Swedish krona bond redemption will occur on March 31 for bondholders of record on March 24. The redemption is being made in the form of partial prepayments of all outstanding bonds, reducing the registered nominal amount of each bond by SEK 27,146. The repayment price will appear to be made at 102.07813.
The Norwegian krone bond redemption will occur on March 31 for bondholders of records on March 30. The redemption is being made in the form of partial prepayments of all outstanding bonds by reducing bonds with a total registered nominal amount of NOK 2,676,691. The repayment will appear to be made at a price of 102.32568.
In addition, the amortization schedule of required minimum amortization levels has been updated to reflect cash sweep payments and replace guidance published on Dec. 6, 2021.
The upcoming March 31 repayment will be an installment of 4.29462% of the total amount of bonds outstanding as of March 31, 2018. The quarterly installments from June 30, 2022 to March 31, 2026, fall within a range of 0.26768% to 2.4249402% of the total amount of bonds outstanding.
The financial services company is based in East London, South Africa.
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