Financial brokerage firm Evernord has raised €2 million in investor funds for the company’s business development with another bond issue by debt management company Legal Balance. In more than three years of cooperation, Evernord has already issued a total of 12 Legal Balance bond issues, including this latest one, raising €11.255 million in investor capital.
Legal Balance is using the funds raised by the bonds to expand its business, both by investing in its past due portfolios and by expanding in foreign markets.
Evernord’s share of Legal Balance’s bond issues totals 52.9% of Legal Balance’s total active issuance.
“When we started working with Legal Balance in the early 2020s, there was still a lack of detailed justification in the market that bond issuance was a viable and efficient source of funding to achieve strategic business objectives and reduce dependence on traditional bank financing. The situation has now changed, with a particularly pronounced change last year, when bond investors were able to secure attractive returns for a desired period of time. Seeing how successfully Legal Balance is strengthening its market position, we can be pleased with its long-term efforts and continue to create significant value for both the company and investors,” notes Vismantė Šepetienė, Director of Evernord FMI.
Four Legal Balance issues worth EUR 1.8 million invested by Evernord clients have already been redeemed. The value of the active issues issued by Legal Balance and underwritten by Evernord currently amounts to EUR 9.3 million.
“Legal Balance’s partnership with Evernord is not only a long-standing one based on trust and excellent results, but also a strategic partnership that has enabled our firm to make significant strides in expanding our business and significantly growing our investments in the past due portfolio. The partnership with Evernord not only allows us to become one of the market leaders in Lithuania, but also to significantly strengthen our position in Latvia and expand into Poland. We are pleased to have built trust among our partners through our sustainable and consistent work, which is evidenced by our moderate, sustainable and confident growth,” says Marius Šlepetis, Director of Legal Balance.
Among other long-term projects that have achieved ambitious goals through regular bond placements, Evernord’s V. Šepetienė highlights the nine phases of Marijas 2’s bond placement. Marijas 2 is majority-owned by the Evernord Group, and in the short time it has been issuing bonds, Marijas 2 has become both a publicly listed company on the First North stock exchange and is already completing the development of Novira Plaza, a modern business complex in Riga.