Significant deleveraging of the business achieved through bond buybacks
7 June 2021. 4finance Holding S.A. (the “Group”), one of Europe’s largest digital consumer lending groups, announces that it has cancelled $125 million of its USD 2022 bonds that were previously held in treasury. This represents over a third of the original issue, leaving $200 million of USD 2022 bonds outstanding.
The cancellation follows a series of bond buybacks and is part of 4finance’s overall strategy for refinancing its remaining debt securities.
“Over the past year we have focused on operational efficiency and cash generation. This prudent approach allowed us to repurchase more than $75 million of the USD bonds since last March alone,” said 4finance CFO James Etherington.
“Cancelling these bonds now sends a clear signal that we have reduced debt levels, consistent with our more focused online business footprint. Combined with our return to profitability and the gradual opening up of economies across Europe, this sets the scene for us to establish our medium term capital structure.”
