IDFinance Spain S.A.U. launches Eurobond refinancing

2-year Eurobond extension.  

Bondholders supporting the amendment terms will receive an amendment fee of 100 bps. 

IDFinance Spain S.A.U. (the “Company”), the fastest growing fintech in Spain, announces that it has begun the formal process to amend the terms and conditions of its 20/23 Eurobonds. The bondholders are invited to vote on a 2-year extension to their maturity, to September 2025. 

After a consultation process involving bondholders owning a majority of the outstanding Eurobonds by value, there has been broad support for the proposed amendment terms. If the resolution is successfully passed, bondholders who vote to support the amendment terms will receive an amendment fee of 100bps.  

The vote submission period lasts from the 27th of September until the 17th of October 2022 with the result expected to be announced shortly afterwards. If the required quorum of 75% is not obtained, a second vote with a quorum of 25% could take place in early November.  

As part the amendments, the company will offer an amendment fee as well as enhance the bondholders’ position by introducing financial and legal covenants that conform with market standard practice. 

Boris Batine, CEO of ID Finance, commented, “Since the moment we issued bonds in Sep’2020 we have more than doubled our operations and equity, strengthened our leadership position in the market, as well as delivered record net profit in Spain of over EUR10m in 2021. We believe that a bond maturity extension coupled with better terms and safety for our bondholders provides the most efficient solution for both investors and the business, contributing to further sustainable growth of the company”. 

Aalto Capital acts as financial advisor to the Company. Holders of the Eurobonds are encouraged to reach out directly to Aalto Capital (contact details below) for more information regarding the process of amending the terms and conditions of the bonds. 

For more information, please contact: [email protected], or Aalto Capital ([email protected] / +49 89 8986777-0).