November 3 (SeeNews) - Ocean Credit, a company offering non-banking financial products in Romania, listed a 1.86 million euro ($2.15 million) bond issue on the Bucharest Stock Exchange, and announced a new financing round for 2022 by issuing bonds worth 400,000 euro, the bourse said on Wednesday.
The bonds are traded under the OCIFN26E ticker on the multilateral trading system of the Bucharest Stock Exchange, the bourse said in a press release.
In July, the company issued and sold in a private placement 18,668 corporate bonds of 100 euro each. The securities have a maturity of five years and a fixed annual coupon of 8.75%, payable quarterly.
Ocean Credit plans to use the funding to increase its lending capacity and investments in fintech.
"We are ringing for the first time Bucharest Stock Exchange’s bell and we mark also 6 years from the issuance of the first loan. These two events represent for us a new validation of our business model, a 100% digital one, through which we offer our clients personal loans, 24/7, with minimum human intervention. We continue our ambitious growth plans and we intend to use the capital market in the future to finance them," Ocean Credit deputy CEO Dan Masut said.
Ocean Credit obtains income exclusively from lending to individuals, through interest, commissions and other income assimilated to lending.
In the first six months of 2021, the company booked a net profit of 225,000 lei ($52,688/ 45,463 euro), 27% lower year-on-year, and a turnover of 4.68 million lei, 85% higher on the year. The company expects a net profit of 1.9 million lei on a turnover of 9.3 million lei in full year 2021.
At the end of last year, 16 people were part of the Ocean Credit team. The company is 99.6667% owned by OC Global Limited (Cyprus) and Ionescu Augustin Dan, with 0.3333% of the share capital.
(1 euro=4.9490 lei)