Estonia's lute Group invites holders to amend bonds due 2026

Chicago, July 24 – lute Group’s subsidiary IuteCredit Finance Sarl started a formal process to amend the terms and conditions of its €75 million of 11% bonds due 2026 (ISIN: XS2378483494), according to a notice.

The amendment will account for changes in the group’s structure following the acquisition of Energbank.

The first proposal would lower the interest coverage ratio in relation to the incurrence test.

The second proposal would increase the flexibility of the permitted debt baskets.

The third proposal would facilitate the implementation of employee participation program.

The three proposals will be voted on together as one uniform proposal.

Bondholders who vote in favor of the proposal will receive an amendment fee of 0.25% of the nominal amount of their bonds.

The meeting will be held on Aug. 3.

Aalto Capital (Germany) acts as financial adviser to the group (+49 175 266 89 01, Manfred.steinbeisser@aaltocapital.com).

Iute Group is a fintech company established in 2008 in Estonia.

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