2022 Oct 30
PlusPlus Capital targets redemption waiver for 2022 Estonian notes – Investors express benevolence for vote on 18 November
Investors express benevolence for vote on 18 November
Tallinn, Estonia, 30 October 2022. PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivables management group, called on holders of its 2022 Estonian notes (ISIN EE3300001726) to vote on a redemption waiver until 18 November 2022. The term is to be extended to June 2023. The total volume of EUR 15 million notes initially outstanding for repayment has been rolled over to the 2026 EUR bond (ISIN XS2502401552) only partially as a number of long-standing commitments from investors would not be renewed due to changed market conditions.
The operational business development of PlusPlus shows continuing growth. Payments from customers are increasing, while performance metrics such as cash EBITDA (cash earnings less operational expenses) and ERC (estimated remaining collections) continue to rise. The operational cash inflow is more than sufficient to cover operational expenses and interest payments.
Given the Company’s successful business performance and the related growth prospects, particularly in the current high inflation and interest rate environment, first investors have already expressed their benevolence.
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.