Asset management company nordIX AG acquires a loan portfolio from NEO Finance for 950K EUR
NEO Finance AB
Notification on material event
After successfully cooperation started between NEO Finance and the German fixed income asset manager nordIX on August, during which nordIX undertook to invest at least 3 million in the loan portfolio formed by NEO Finance, the institutional investor decided to acquire part of the previously formed loan portfolio.
Concluding a new transaction between NEO Finance and nordIX, it is planned to sell the part of the loan portfolio to the institutional investor by the criteria established during the first transaction. The portfolio will be sold with a bonus agreed by the parties and mutually beneficial. NEO Finance plans to use the money received from nordIX to repurchase bonds and repay loans at a previously agreed time with creditors and to develop the company's operations.
"This deal is a great proof that the partnership with nordIX has been successfully launched and we continue to work together to see mutual benefits. The arrival of an institutional investor for our platform was a great recognition in the market, moreover, after almost two months we are happy to ensure smoother platform processes, faster financing of loans with market interest rates. With the help of this transaction, the platform is successfully moving towards its long-term goals in order to implement a change so that the main earnings of the company would not come from investment, but from intermediation, ”says Evaldas Remeikis, Chairman of the Board of NEO Finance.
From the start of the company until now, the platform has invested 2.3 million EUR loan portfolio in the primary market in order to provide loans to customers in a shorter period of time.
In 2021 August 12 by signing an agreement with NEO Finance, nordIX has committed to make investments on a regular basis over the coming years. Almost two months after the start of the cooperation, nordIX has already invested almost 700K EUR to NEO Finance loans.
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