Debt financing
10 July 2008
MCB Finance Group plc ('MCB' or the 'Company'), the consumer finance provider serving the growing markets of Estonia, Latvia, Lithuania and Finland, has entered into an agreement with Rietumu Banka AS ('Rietumu'), the Riga-based commercial bank, whereby Rietumu has extended its revolving credit facility to MCB from €10 million to €15 million.
The term of the pre-existing facility has also been extended, to 24 March 2009.
Rami Ryhänen, Chief Executive of MCB, said: "We are pleased to announce this development in our established relationship with one of the Baltic region's leading financial institutions. Securing the appropriate combination of debt and equity financing to fulfil our growth strategy is part of our business plan and this debt facility helps us achieve this."
Further information:
| MCB Finance Group plc: | |
| Rami Ryhänen, Chief Executive rami@mcbfinance.com |
+372 5300 8332 |
| Henry Nilert, CFO henry@mcbfinance.com |
+358 451 370 065 www.mcbfinance.com |
| Media enquiries: | |
| Allerton Communications: | |
| Peter Curtain / Jennifer Thomas | +44 20 7812 6477 |
| jennifer.thomas@allertoncomms.co.uk | |
| Nominated Adviser: | |
| Libertas Capital: | |
| Matthew Hindhaugh | +44 20 7569 9669 |
Notes to editors
MCB Finance Group plc is a consumer finance company providing fast, convenient, easily understood and flexible credit solutions under the Credit24 brand name to retail customers in Finland and the rapidly growing Baltic countries of Estonia, Latvia and Lithuania (the Fenno-Baltic Region). Loan products are designed to suit customers' needs with simple and transparent terms and flexible repayment schedules. Loans are offered online through the Company's Credit24-branded websites in Estonia, Finland, Lithuania and Latvia, as well as through certain distribution partners. The Company currently provides unsecured loans between €100 and €2,000 to qualifying customers, with maturities ranging from one month to two years.
The markets for unsecured consumer credit in the countries where the Company operates are relatively under-developed and experiencing rapid growth. Since launching the business in late 2006, the Company has become one of the leading participants in the non-standard lending market. This segment is typically under-served by larger financial institutions, and attracts customers who value the flexibility and simplicity of the products offered.