Investment Evolution Credit PLC - AQSE-listed financial services firm specialising in online consumer loans - Launches an offering of unsecured bonds worth GBP100 million with a 15% fixed rate per year over five years, paybale quarterly. Says the proceeds will be used "solely to fund expansion of the company's consumer loan portfolio and shall not be used for funding the company's working capital or for any other purpose". Expects proceeds to be "immediately" deployed to fund new consumer loans in its US state-licensed lending business Mr. Amazing Loans, and to fund new consumer loans in the UK upon the anticipated launch of its UK lending operations by early 2025. The first tranche is expected to be issued this month, with planned ongoing monthly bond tranche issuances thereafter.
Current stock price: 40.00 pence
12-month change: Multiplied from 4.50p since admission in mid-December
By Greg Rosenvinge, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.