Iute Group Initiates Bond Exchange and Cash Tender Offer

Iute Group has announced a conditional offer to exchange its EUR 2021/2026 Bonds for new EUR 2025/2030 Bonds. Alternatively, bondholders can tender their bonds for a cash payment. The offer is contingent upon a minimum of EUR 75 million being exchanged or tendered.

The new bonds offer a 1:1 exchange ratio with a nominal value of EUR 100.00 and an annual interest rate of 11.0%. Participants in the exchange receive a EUR 2.50 cash bonus per EUR 100 exchanged, plus accrued interest up to the settlement date, no later than June 15, 2025. Cash tender participants receive EUR 99.00 per bond, plus similarly accrued interest.

The offer runs from April 9 to May 2, 2025. Iute Group aims to refinance existing bonds and issue new ones totaling at least EUR 125 million. Leading the transaction are Oppenheimer & Co. Inc., AS LHV Pank, and Signet Bank AS.