IEC Appoints UK Corporate Broker for £100m 15% Bond Fundraising
LONDON, UK / ACCESSWIRE / February 12, 2024 / Investment Evolution Credit plc (AQSE:IEC) - 12 February 2024: IEC, a global fintech group specialising in online consumer loans, announces it has appointed Axis Capital Markets Limited ("the Corporate Broker" or "Axis Capital Markets"), a leading UK institutional broker, to act as IEC's Corporate Broker. As part of its role as Corporate Broker, Axis Capital Markets will also conduct the Company's up to £100 million bond offering announced on 5 February 2024, the IEC 15% fixed rate unsecured bond 2024 ("IEC Bond"). An excerpt of the announcement can be viewed in the Information on IEC 15% Bond section further below.
Paul Mathieson, Chief Executive Officer of Investment Evolution Credit plc, stated
"Within only days of launching our up to £100 million 15% per annum IEC Bond offering, we are excited to announce significant initial investor interest and the appointment of a leading UK institutional Corporate Broker, Axis Capital Markets, to conduct our bond offering."
Richard Hutchison, Chief Executive Officer of Axis Capital Markets Limited, stated
"We are pleased to be engaged as Corporate Broker for Investment Evolution Credit plc. IEC is an exciting fintech company on the verge of a potentially rapid growth cycle to be funded by the attractive IEC 15% bond offering."
Information on IEC 15% Bond
The IEC Bond offers investors a fixed 15% per annum return over 5 years, with interest payable quarterly. The proceeds from the IEC Bond will be used solely to fund expansion of the Company's consumer loan portfolio and shall not be used for funding the Company's working capital or for any other purpose. IEC Bond proceeds are expected to be immediately deployed to fund new consumer loans in the Company's United States state-licensed lending business Mr. Amazing Loans, and to fund new consumer loans in the United Kingdom upon the anticipated launch of IEC's UK lending operations by early 2025.
The IEC Bond offering will be an ongoing bond series, with the first tranche expected to be issued in February 2024 and with planned ongoing monthly bond tranche issuances thereafter.
IEC also plans to seek a public listing of the IEC Bond on a stock exchange in due course to enhance liquidity, transparency and accessibility for IEC Bond investors. The IEC Bond is initially only open for minimum investments of £100,000 to Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 exempt investors via completion of an IEC bond subscription letter to subscribe for IEC Bonds on the basis of the terms and conditions of the IEC bond instrument.
IEC is an experienced regulated licensed lender under the corporate entity Investment Evolution Corporation and consumer brand Mr. Amazing Loans in the United States with state consumer lending licenses in the 6 states of California, Florida, Georgia, Illinois, Nevada and New Jersey and an established track-record of regulatory compliance for over 13 years. IEC plans to expand its United States lending model to the United Kingdom market by providing £2,000 to £10,000 online personal loans with an APR of 19.9% to 59.9% and fixed affordable repayments.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company accept responsibility for the contents of this announcement.
|Investment Evolution Credit plc
Chairman & CEO
|Cairn Financial Advisers LLP (IEC AQSE Corporate Adviser)
|+44 (0) 20 7213 0880
|Axis Capital Markets Limited (IEC Corporate Broker)
|+44 (0) 20 3026 0449
For more information please visit:www.investmentevolution.com
No prospectus will be made available in connection with the matters contained in thisannouncement and no such prospectus is required(in accordance with the Prospectus Regulation (EU) 2017/1129 as amended from time to time (the "Prospectus Regulation") and the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation"))to be published.
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Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
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SOURCE: Investment Evolution Credit PLC