Financial brokerage firm Evernord has launched a new bond issue by debt management company Legal Balance, raising EUR 2 million in investor funds. Legal Balance intends to use the funds raised by the bond to make further investments in the acquisition of past due portfolios.
“Legal Balance borrowed on the bonds at a fixed interest rate of 6.2% per annum plus 6-month EURIBOR.
The bonds issued are secured by collateral. Annual interest will be paid to investors quarterly and the maturity date is 10 January 2028.
“Evernord has facilitated the entire series of Legal Balance bond issues, each of which has been a component of the company’s well-considered, sequential growth. Operating in a debt management market that is still a mystery to many, the Legal Balance team understands the importance of risk assessment and is not distracted by either its direct activities or its capital-raising plans. We are proud to grow together,” notes Vismantė Šepetienė, Director of Evernord.
“We have been active in the debt management market for 14 years, and the last few years have been a year of successful expansion through bond investor capital raising. Our client base is expanding and we are growing our investments in portfolios of overdue liabilities. We also continue to strengthen our team of professionals and innovate to manage our debt portfolio efficiently. It is a pleasure to know that we can always count on our strong long-term partners Evernord in this business growth journey,” comments Marius Šlepetis, CEO of Legal Balance.
In 2023, Legal Balance Group generated revenues of EUR 7.5 million, 13.6% more than in 2022.
In almost four years of cooperation, Evernord has already placed a total of 14 Legal Balance bond issues, including the latest one, of which 9 are currently active. They have raised a total of €11.3 million, representing 44.4% of Legal Balance’s total current debt commitments.
“Evernord has a strong track record of regular issuances of long-term project bonds. One of the most notable recent projects is the EUR 42.75 million bond of the Latvian company Marijas 2 SIA, issued in May this year. This financed the construction of the modern business complex Novira Plaza in Riga.