Financial brokerage firm Evernord has completed the placement of another private placement of bonds by debt management company Legal Balance. In this issue, investors lent EUR 2 million to the company for a period of 3 years and 8 months, at an annual interest rate of 6.2% and 6-month Euribor.
“Legal Balance intends to use the funds raised by the bond to further invest in the acquisition of debt portfolios.
The bonds issued by Legal Balance are secured by collateral. Annual interest will be paid to investors quarterly and the maturity date is 10 July 2028.
“We have been working with Legal Balance for more than four years and have issued several bond issues during this period. We can see that Legal Balance is focusing on strengthening its professional team, is able to assess the risks in the debt management market and is firmly committed to its long-term strategic goals. This provides a basis for investor confidence. We are pleased to be able to contribute to Legal Balance’s business development and their goal of maintaining an optimal capital structure,” says Vismantė Šepetienė, Director of Evernord.
“We are delighted to have a strong partnership with Evernord, whose professional efforts are helping us to further expand our business. Consistent work, well thought out steps in raising investor capital allow us to move forward and continue to invest in the acquisition of debt portfolios. With each bond issue, we feel the confidence of our investors and we take on the obligation not to deviate from our strategic goals, as this is a key factor for our long-term success,” notes Marius Šlepetis, CEO of Legal Balance.
“Legal Balance operates in Lithuania and Latvia in the areas of debt recovery, purchase and administration. In the first half of 2024, Legal Balance Group generated revenues of EUR 4.5 million, 10% more than in the same period last year. In the first half of this year, the company invested over EUR 6.5 million in debt purchases, bringing the portfolio of purchased debt under its management to EUR 103 million.
“Evernord has already issued a total of 15 Legal Balance bond issues, including the latest one. They have raised a total of EUR 13.79 million, representing 55.8% of Legal Balance’s current debt obligations.
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