By Susanna Moon
Chicago, March 9 - MCB Finance Group plc said it closed an upsized SEK 200 million offering of 13% asset-backed bond issue to investors in the Nordic region. The company had initially raised SEK 175 million from investors.
The issue settled on March 8. It was announced on Feb. 27.
ABG Sundal Collier AB was the lead manager.
The bonds were issued at par and have a maturity of three years.
This issue constitutes a first closing under a bond facility through which the company can raise up to SEK 500 million, according to a previous press release.
Proceeds will be used to refinance the company's €17 million credit facility and help provide additional funding for the continued growth of the group's consumer loan portfolio in both current and new markets.
"We are delighted to have completed this first bond issue which has allowed the group to secure longer term finance than has hitherto been available to us," Rami Ryhanen, chief executive officer of MCB, said in a previous release.
"The bond facility will greatly increase our flexibility to raise additional funds in due course. The successful bond issue underlines bond investors' confidence in the credit quality of the group and will enable the group to pursue its growth plans in current and new markets. We are confident that 2012 will deliver continued strong profitable growth."
MCB Finance is a consumer finance company based in London that provides credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania.
| Issuer: | MCB Finance Group plc
|
| Issue: | Asset-backed bonds
|
| Amount: | SEK 200 million
|
| Maturity: | Three years
|
| Coupon: | 13%
|
| Price: | Par
|
| Warrants: | No
|
| Agent: | ABG Sundal Collier AB
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 8
|
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