2023 July 31
PlusPlus not to pay coupon of EUR 2022/2026 bonds on due date
Convening of bondholders’ meeting to resolve a temporary standstill agreement
Tallinn, Estonia, 31 July 2023. PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivables management group, is currently facing higher-than-expected costs in relation to restructuring outstanding Baltic bonds and as a result will not pay the coupon of the EUR Bond 2022/2026. The Company intends to fulfil its obligations of interest payment through a share issue, the subscription period of which is until 29 September 2023. Currently, approximately two-thirds of the EUR 4.5 million issue has been subscribed. Management looks forward to achieving full subscription by the end of the subscription period. Therefore, the Company convenes a meeting of bondholders to resolve a temporary standstill agreement.
At the bondholders’ meeting to be convened on 29 August 2023, a temporary standstill agreement regarding interest payments related to the EUR 2022/2026 bonds, and the enforcement of the guarantees until 2 October 2023 is to be resolved. In the best interest of all parties, the objective is to enable the Company to make the interest payments.
All bondholders will receive the formal invitation to vote through their custodian banks.
The Management Board will comment on the bondholders’ meeting by means of a webcast presentation. Investors will have the opportunity to ask questions in a Q&A session afterwards. The call will be held in English and will be recorded.
Please register in time to participate in the earnings call at:
PlusPlus Capital AS
Kaarel Raik, Member of the Management Board
Phone: +372 56 606 148
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 117 thousand claims with nominal value of approximately EUR 289 million as at 31 December 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.