2022 Nov 7
PlusPlus Capital informs of cross-default on 2026 EUR bond
Tallinn, Estonia, 7 November 2022. PlusPlus Capital (“PPC”) has not made the interest payments on its 2022 Estonian notes (ISINs: EE3300001726, EE3300001437, EE3300002005, and EE3300002179). The Company has suspended payments on the Estonian Notes after calling holders of its 2022 Estonian Notes with ISIN EE3300001726 to vote on a redemption waiver by 18 November 2022. Previously, the total volume of EUR 15 million of Estonian Notes (ISIN: EE3300001726) initially outstanding for repayment had been only partially rolled over to EUR Notes 2026 (ISIN: XS2502401552), as a number of long-standing commitments from investors would not be renewed due to changes in market conditions.
As the total amount of the outstanding payments on the 2022 Estonian notes, including the redemption of the notes and interest payments, exceeds the amount of EUR 10 million according to terms and conditions, PlusPlus Capital Financial S.à r.l. declares a cross-default on the 2026 EUR bond (ISIN XS2502401552) and informs the bondholder agent without delay.
PlusPlus Capital in view of the successful operational business development is committed to finding a sustainable and satisfactory solution with the involvement of the investors.
PlusPlus Capital will publish its 2022 Nine-Month Report on 15 November 2022. The corresponding earnings call will be held on 17 November 2022.
Peeter Piho, Chairman of the Supervisory Board
Phone: +372 503 0130
Aalto Capital (Investor Relations)
Sven Pauly, Consultant
Phone: +49 89 898 67 77 0
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 100 thousand claims with nominal value of approximately EUR 274 million as at 30 June 2022. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.