Hepsiburada Announces the First Bond Issuance of Hepsifinans
Hepsiburada (NASDAQ: HEPS), a leading Turkish e-commerce platform, has announced the first bond issuance of its indirect wholly-owned subsidiary, Hepsifinans. The bonds, issued to domestic qualified investors, have a nominal value of TRY 250 million with a six-month maturity and coupon payments due every three months. The bonds will accrue interest at a rate of 51.50% per annum, with the principal repaid at maturity.
This issuance is part of a larger approval by the Capital Markets Board for Hepsifinans to issue bonds or bills up to TRY 1,050,000,000 within one year. The funds raised will be used to sustainably grow Hepsifinans's consumer finance business.
Hepsiburada (NASDAQ: HEPS), una delle principali piattaforme di e-commerce turche, ha annunciato la prima emissione di obbligazioni della sua controllata indiretta a intero capitale, Hepsifinans. Le obbligazioni, emesse per investitori domestici qualificati, hanno un valore nominale di 250 milioni di TRY con una scadenza di sei mesi e pagamenti delle cedole ogni tre mesi. Le obbligazioni garantiranno un tasso di interesse del 51,50% annuo, con il capitale rimborsato alla scadenza.
Questa emissione fa parte di un'approvazione più ampia da parte della Commissione del Mercato dei Capitali per Hepsifinans per emettere obbligazioni o cambiali fino a 1.050.000.000 TRY nel corso di un anno. I fondi raccolti saranno utilizzati per crescere in modo sostenibile l'attività di finanziamento al consumo di Hepsifinans.
Hepsiburada (NASDAQ: HEPS), una de las principales plataformas de comercio electrónico de Turquía, ha anunciado la primera emisión de bonos de su filial indirecta de propiedad total, Hepsifinans. Los bonos, emitidos a inversores calificados nacionales, tienen un valor nominal de 250 millones de TRY, con un vencimiento de seis meses y pagos de cupones cada tres meses. Los bonos devengarán intereses a una tasa del 51,50% anual, con el capital reembolsado al vencimiento.
Esta emisión es parte de una aprobación más amplia por parte de la Junta de Mercados de Capitales para que Hepsifinans emita bonos o letras hasta 1.050.000.000 TRY en un plazo de un año. Los fondos recaudados se utilizarán para crecer de manera sostenible el negocio de financiamiento al consumidor de Hepsifinans.
헤프시부라다(NASDAQ: HEPS)는 터키의 주요 전자상거래 플랫폼으로서, 완전 자회사의 간접적인 첫 채권 발행을 발표했습니다. 이 채권은 국내 자격을 갖춘 투자자들에게 발행되며, 2억 5천만 TRY의 명목 가치를 갖고 있으며, 6개월 만기와 3개월마다 지급되는 이자를 포함합니다. 채권은 연 51.50%의 이자율로 이자를 축적하며, 만기 시 원금이 상환됩니다.
이번 발행은 헤프시파이난스가 1년 이내에 최대 10억 5천만 TRY의 채권 또는 어음을 발행하도록 승인한 자본시장위원회의 더 넓은 승인 일환입니다. 모금된 자금은 헤프시파이난스의 소비자 금융 사업을 지속 가능하게 성장시키기 위해 사용될 것입니다.
Hepsiburada (NASDAQ: HEPS), une plateforme de commerce électronique turque de premier plan, a annoncé la première émission d'obligations de sa filiale indirecte à part entière, Hepsifinans. Les obligations, émises à des investisseurs qualifiés nationaux, ont une valeur nominale de 250 millions de TRY avec une échéance de six mois et des paiements de coupon dus tous les trois mois. Les obligations porteront un intérêt à un taux de 51,50% par an, avec le principal remboursé à l'échéance.
Cette émission fait partie d'une approbation plus large de l'Autorité des marchés financiers pour permettre à Hepsifinans d'émettre des obligations ou des billets jusqu'à 1.050.000.000 TRY dans un délai d'un an. Les fonds levés seront utilisés pour développer de manière durable l'activité de financement à la consommation de Hepsifinans.
Hepsiburada (NASDAQ: HEPS), eine führende türkische E-Commerce-Plattform, hat die erste Anleihe-Emission ihrer indirekten hundertprozentigen Tochtergesellschaft Hepsifinans angekündigt. Die Anleihen, die an inländische qualifizierte Investoren ausgegeben werden, haben einen nominalen Wert von 250 Millionen TRY mit einer Laufzeit von sechs Monaten und Zinszahlungen, die alle drei Monate fällig sind. Die Anleihen werden mit 51,50% pro Jahr verzinst, wobei das Kapital bei Fälligkeit zurückgezahlt wird.
Diese Emission ist Teil einer größeren Genehmigung der Kapitalmarktaufsichtsbehörde (Capital Markets Board), die Hepsifinans erlaubt, Anleihen oder Schuldscheine von bis zu 1.050.000.000 TRY innerhalb eines Jahres auszugeben. Die eingesammelten Mittel werden verwendet, um das Verbraucherkreditgeschäft von Hepsifinans nachhaltig zu fördern.
- Successful first bond issuance of TRY 250 million
- Approval to issue bonds up to TRY 1,050,000,000 within one year
- Funds to be used for growing consumer finance business
- High interest rate of 51.50% per annum on the bonds
Insights
This bond issuance by Hepsifinans, a subsidiary of Hepsiburada, is a significant financial move. The
The short-term nature of the bonds (six-month maturity with quarterly coupon payments) suggests a cautious approach, allowing Hepsifinans to test the waters of the debt market. This structure also provides flexibility in a volatile economic climate. The use of proceeds for growing the consumer finance business aligns with Hepsiburada's strategy to expand its financial services offerings, potentially boosting customer retention and transaction volumes on its e-commerce platform.
For investors, this move indicates Hepsiburada's commitment to diversifying its revenue streams and strengthening its financial ecosystem. However, the high interest rate also signals significant risk and could impact profitability if not managed carefully.
This bond issuance marks Hepsiburada's strategic push into the fintech space, a growing trend among e-commerce platforms globally. By leveraging its customer base and data, Hepsifinans can potentially offer tailored financial products, enhancing the overall value proposition of the Hepsiburada ecosystem.
The domestic focus of the bond issuance to qualified investors suggests a targeted approach to funding, possibly aiming to capitalize on local market knowledge and investor relationships. This could be seen as a prudent step, especially given Turkey's unique economic challenges.
The high interest rate of
For Hepsiburada, success in this venture could lead to increased customer stickiness and higher transaction values, potentially driving growth in its core e-commerce business. However, the execution risks in entering the competitive fintech space should not be underestimated.
ISTANBUL, Oct. 10, 2024 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, today announced the first bond issuance of its indirect wholly-owned subsidiary, Hepsi Finansman A.Ş. (“Hepsifinans”), at a nominal value of TRY 250 million.
Further to our disclosure in a report on Form 6-K furnished on September 11, 2024 regarding the Capital Markets Board’s approval of Hepsifinans’s issuance of bonds or bills with a total aggregate principal amount of up to TRY 1,050,000,000 in one or more tranches within one year, Hepsiburada announces that Hepsifinans closed its first bond issuance to domestic qualified investors today. The bonds have an aggregate principal amount of TRY 250 million, a six-month maturity and coupon payments due every three months. The bonds will accrue interest at a rate of
About Hepsiburada
Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting over 66 million members with over 264 million stock keeping units across over 30 product categories. Hepsiburada provides goods and services through its hybrid model combining first-party direct sales (1P model) and a third-party marketplace (3P model) with approximately 101 thousand merchants.
With its vision of leading the digitalization of commerce, Hepsiburada acts as a reliable, innovative and purpose-led companion in consumers’ daily lives. Hepsiburada’s e-commerce platform provides a broad ecosystem of capabilities for merchants and consumers including: last-mile delivery and fulfilment services, advertising services, on-demand grocery delivery services, and payment solutions offered through Hepsipay, Hepsiburada’s payment companion and BNPL solutions provider. HepsiGlobal offers a selection from international merchants through its inbound arm while outbound operations aim to enable merchants in Türkiye to make cross-border sales.
Since its founding in 2000, Hepsiburada has been purpose-led, leveraging its digital capabilities to develop the role of women in the Turkish economy. Hepsiburada started the ‘Technology Empowerment for Women Entrepreneurs’ programme in 2017, which has supported approximately 55 thousand female entrepreneurs throughout Türkiye to reach millions of customers with their products.
Investor Relations Contact
ir@hepsiburada.com
Media Contact
corporatecommunications@hepsiburada.com
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in this press release. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to” and similar statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2023 annual report filed with the SEC on Form 20-F on April 30, 2024 (Commission File Number: 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by Hepsiburada from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward looking statements should not be relied upon as representing Hepsiburada’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to Hepsiburada, and Hepsiburada and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements.
FAQ
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