BERN, SWITZERLAND--(BUSINESS WIRE)--The mobile phone number and email address of Christian Moos have been removed.
The corrected release reads:
SCHWEIZER KREDIT AG HAS ISSUED A 75 MILLION SWISS FRANC - SENIOR CORPORATE NOTE ISIN CH030121467 BEFORE YEAR END WITH A FIXED INTEREST RATE OF 4 % PER ANNUM AND A FIXED MATURITY OF 4 YEARS (48 MONTHS).
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
Schweizer Kredit AG, a consumer loan company from Switzerland, today announced that it has issued the first tranche of a senior corporate bond-note this year. Schweizer Kredit AG will act as the issuer of the note. Schweizer Kredit will fully guarantee the bond-note and the payment obligations arising from it. Schweizer Kredit AG aims to market the note with a non-public offer in Switzerland as well as by private placements with institutional investors under Swiss Laws. The issuing private placement memorandum will be available directly at company headquarters in Zug, Switzerland.
Schweizer Kredit AG intends to use the planned proceeds to provide consumer loans with interest rates between 6.9% and up to 15% as well as for the purchase of existing Swiss consumer loan portfolios with an outstanding credit book of up to 50 million Swiss Franc for each portfolio. The issue proceeds shall further be used for expanding the group's investment portfolio by adding consumer loan portfolios which will further boost the current revenue through interest income.
Schweizer Kredit AG, which will act as a guarantee of the corporate note, is a Swiss based consumer loan provider and buyer of existing Consumer Loan Portfolios in Switzerland. The proposed average consumer loan is about 25.000 Swiss France with an average interest rate of 10% per consumer loan and an average duration of 42 month. The Schweizer Kredit business emphasizes providing consumer loans and investment in consumer loan portfolios. The consumer loan portfolios in Switzerland are held directly by Schweizer Kredit AG.
Chris Moos, CEO of Schweizer Kredit AG, said: "Our Company has made great progress and has evolved into a successful provider of Swiss consumer loans. While we want to use the funds generated by the note primarily for our own portfolio and the purchase of existing Swiss consumer loan portfolios, we also plan to acquire additional Swiss based consumer loan companies. In doing so, we will focus on consumer loan portfolios in Switzerland with low default rates and are confident to reach a total portfolio of at least 500 million CHF in the next 18 to 36 months, which is equal to 8% market share”
About Schweizer Kredit AG
Schweizer Kredit AG ("SKAG") is a Swiss based consumer loan company providing cash loans to consumers in Switzerland while covering the whole value chain of the business. A banking license for this business model is not required in Switzerland as no deposits will be taken from the public. SKAG applies above industry standards on underwriting and qualification in order to secure the highest quality of the underlying loans while applying sophisticated risk management standards. In addition the company is also buying, selling and managing third party performing loan portfolios.
Schweizer Kredit AG has its Headquarter in Zug, Switzerland. Schweizer Kredit´s Corporate Note is a fully bankable non-listed senior debt instrument with ISIN CH0301214679, Valoren Number 030121467, Bloomberg ID Number QJ6260708
Safe Harbor Statement
No action has been taken that would permit an offering of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
If any statements in this document contain forward-looking statements, such statements do not represent facts and are characterized by the words 'will', 'expect', 'believe', 'estimate', 'intend', 'aim', 'assume' or similar expressions. Such statements express the intentions, opinions or current expectations and assumptions of Schweizer Kredit AG and the persons acting together with Schweizer Kredit AG. Such forward-looking statements are based on current plans, estimates and forecasts which Schweizer Kredit AG and the persons acting together with Schweizer Kredit AG have made to the best of their knowledge, but which do not claim to be correct in the future. Forward-looking statements are subject to risks and uncertainties that are difficult to predict and usually cannot be influenced by Schweizer Kredit AG or the persons acting together with Schweizer Kredit AG. It should be kept in mind that the actual events or consequences may differ materially from those contained in or expressed by such forward-looking statements.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The information in this announcement is subject to change.
End of ad hoc announcement
