2022 Nov 8
PlusPlus Capital on solvency and operational activities related to cross-default of 2026 EUR bond
Tallinn, Estonia, 8 November 2022. PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivables management group, confirms in relation to the ad hoc announcement published on 7 November 2022 regarding the cross-default of the 2026 EUR bond that the issuer of the bond PlusPlus Capital Financial S.à r.l. as well as the parent company AS PlusPlus Capital are solvent and continue to perform regular business operations in line with management expectations and have more assets than liabilities, as demonstrated by the latest 6-month 2022 report disclosed on 15 August 2022. As of 30 June 2022, the company’s assets amounted to EUR 125.1 million and liabilities to EUR 81.4 million. According to the terms and conditions of the 2026 EUR bond, the liabilities accruing from the 2026 EUR bond are collateralized at 150% of the expected remaining collections (ERC).
PlusPlus Capital in view of the successful operational business development is committed and optimistic to finding a sustainable and satisfactory solution with the involvement of the investors soon.
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.