May 23, 2016 - Assignment

Hoist Finance establishes a Euro Medium Term Note Programme

Hoist Kredit AB (publ), a wholly-owned subsidiary of Hoist Finance AB (publ), the parent company of the Hoist Finance group, has established an EUR 750,000,000 Euro Medium Term Note Programme, by registering an offering circular with the Irish Stock Exchange. The EMTN programme is a supplement to the Hoist Finance group’s current financing structure and is a next step in the Hoist Finance group’s efforts to access a wider and deeper investor base through an active and long-term commitment to the capital markets.                                                                    

Further, on 16 May 2016, Hoist Kredit AB (publ) announced an offer to holders of its outstanding SEK 1,000,000,000 STIBOR 3M + 3.750% Senior Unsecured Floating Rate Notes due 2016 and its EUR 100,000,000 EURIBOR 3M + 3.750% Senior Unsecured Floating Rate Notes due 2017 to purchase any and all of such notes for cash consideration. At the same time, Hoist Kredit AB (publ) also announced that it is soliciting consent from the noteholders to amend certain terms and conditions of the notes.

Hoist Finance is a leading debt restructuring partner to international banks and financial institutions, offering a broad spectrum of advanced solutions for acquisitions and management of non-performing unsecured consumer loans. Hoist Finance operates through eleven in-house collection centres across Europe, complemented by local external debt servicing partners. The total carrying value of Hoist Finance’s acquired loans was approximately SEK 11.3 billion as per 31 December 2015. The parent company Hoist Finance AB (publ) is listed on Nasdaq Stockholm’s Mid Cap list and its subsidiary Hoist Kredit AB (publ) is a regulated “Credit Market Company” (kreditmarknadsföretag) under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen). In Sweden, Hoist Kredit AB (publ) offers internet-based savings deposit services through HoistSpar, with around 85,000 accounts.

 Mannheimer Swartling acted as legal adviser to Hoist Kredit AB (publ) in relation to the above matters. The firm’s team was led by Zoran Stambolovski, primarily assisted by Oscar Magnusson, Simon Bengtsson and Jacob Rosell Svensson.