Inbank Announces Early Redemption of Subordinated Bonds

Inbank's Early Redemption Announcement for Bonds

Inbank has made a significant decision to proceed with the early redemption of its subordinated bonds that were issued on a specific date in December 2019. Identified under the ISIN code EE3300001544, these bonds are formally referred to as Inbank T2 2029 Subordinated Bonds. This announcement aligns with the established terms that allow for either full or partial early redemption after a particular date, contingent upon notifying investors at least 30 days in advance and obtaining prior consent from the Financial Supervisory Authority.

Authority Approval and Redemption Details

Inbank's early redemption has received the green light through a Management Board resolution, where the Financial Supervisory Authority provided its consent for this action. This proactive stance by Inbank aims to benefit bondholders while conforming to regulatory requirements. A total of 8000 Inbank T2 2029 Subordinated Bonds are set to be redeemed, with each bond boasting a nominal value of EUR 1,000. This totals an impressive sum of EUR 8,000,000, offering bondholders the nominal value plus any accrued and unpaid interest up to the date of redemption.

Payment and Record Dates

The scheduled payment date for these bonds is planned for January 20, 2025, while the record date, which determines the list of bondholders eligible for this payment, is established as January 17, 2025. This organization ensures that all parties involved have clarity on when they will receive their dues, thus fostering trust and transparency in Inbank’s operations.

Additional Tier 1 Bonds Redemption

Alongside the T2 bonds, Inbank is also taking steps to redeem its Additional Tier 1 temporary write-down notes that were issued in December 2018 and registered under ISIN code EE3300111590. This move also follows the same guidelines, permitting early redemption after a specified date, provided that investors are duly notified. The Financial Supervisory Authority's consent was also secured for the redemption of these AT1 Bonds.

Comprehensive Bondholder Compensation

Inbank has stated that all 315 Inbank AT1 Bonds, each having a nominal value of EUR 10,000, will be redeemed, amounting to a total value of EUR 3,150,000. Investors will receive the nominal value of their bonds along with any accrued but unpaid interest leading up to the redemption date. For each bond, the payable amount is specified as EUR 10,126.67, demonstrating Inbank’s commitment to its investors by ensuring they receive a fair return.

Payment Schedule for AT1 Bonds

The payment for the AT1 Bonds is scheduled for January 30, 2025, with the list of associated bondholders being confirmed on January 29, 2025, marking the end of the working day in the Nasdaq CSD settlement system. This structured schedule of payments helps facilitate a smooth transaction for bondholders, reflecting Inbank’s dedication to financial transparency.

About Inbank

Inbank is recognized as a forward-thinking financial technology company, equipped with an EU banking license. It operates a next-generation embedded finance platform, enabling connections between merchants, consumers, and financial institutions. Through partnerships with over 6,200 merchants, Inbank has managed to achieve over 881,000 active contracts and accumulates deposits across seven European markets. Notably, Inbank's bonds are listed on the Nasdaq Tallinn Stock Exchange, which speaks volumes about its reputation and reach in the financial sector.

Frequently Asked Questions

What are Inbank's recent bond redemption announcements?

Inbank has announced the early redemption of its subordinated bonds and AT1 bonds that were issued in late 2019 and 2018, respectively.

When will the bondholders receive their payments?

Bondholders of the T2 bonds will receive their payments on January 20, 2025, and those of the AT1 bonds will be paid on January 30, 2025.

What is the nominal value of the bonds being redeemed?

The nominal value of Inbank T2 2029 Subordinated Bonds is EUR 1,000, while the Inbank AT1 Bonds have a nominal value of EUR 10,000.

How many bonds are being redeemed in total?

A total of 8000 Inbank T2 2029 Subordinated Bonds and 315 Inbank AT1 Bonds will be redeemed.

Where can more information about Inbank be found?

For further details about Inbank and its financial products, investors can refer to their official communication channels or contact the Head of Communications, Merit Arva, directly.

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