Ocean Credit lists its first bonds and announces a new financing round through the capital market mechanisms

11/3/2021

Ocean Credit, a company that offers non-banking financial products in Romania, listed today bonds worth EUR 1.86mn on Bucharest Stock Exchange. The bonds are traded on the Multilateral Trading System, under the stock symbol OCIFN26E, and the attracted funds will finance the development strategy by increasing the lending capacity and investments in fintech. The company also announced for the next year a new financing round by issuing bonds worth EUR 400,000.

‘We are glad that Ocean Credit has chosen to be get financing through the capital market and, moreover, that it intends to continue this approach in the future. The bonds are an advantageous financial instrument for both the issuer and the investors who choose to buy them either during the private placement or later, by trading them on the stock exchange. The total value of financing through corporate bonds listed on the local stock exchange, only this year, exceeds RON 3.5bn’, said Radu Hanga, Bucharest Stock Exchange President.

Today, November 3rd, we are actually celebrating two events. 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, said Dan Masut, Ocean Credit IFN Deputy CEO.

Ocean Credit sold in a private placement held in July 2021, 18,668 corporate bonds, unsecured and non-convertible, with a total value of EUR 1.86mn. The bonds have a nominal value of EUR 100, a 5-yrs maturity and a coupon of 8.75% p.a., payable on a quarterly basis. The private placement and the bond listing were carried out with the support of Goldring.

‘We are glad that Ocean Credit bonds are now available to trading for retail investors as well. They are financial instruments with an ambitious profile, as the company's management team has proven to be, offering one of the best interest rates on euro-denominated bonds that will be supported by a development strategy already validated by recent results. We are convinced that, through this operation, Ocean Credit team has understood the financing role of the capital market and will use it for the next stages of development’, said Virgil Zahan, Goldring CEO.

Ocean Credit IFN obtains income exclusively from lending to individuals, through interest, commissions and other income assimilated to lending. The company is also the first Romanian fintech NFI (non-bank financial institution) with a fully automated and instant service of the lending process. In the first six months of 2021, the total revenues of Ocean Credit were RON 4.68mn, 85% higher than the same period last year. The net profit in H1 2021 was over RON 225,000, 27% lower compared to H1 2020 (RON 310,000). For the end of the year, the company estimates a turnover of RON 9.3mn and a net profit of RON 1.9mn.

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. OC Global Limited is wholly owned by Radu Ciorba.

For additional information, please contact:

Natalia Negru Botezan, e-mail: natalia.botezan@bvb.ro, phone: 0722.411.604