TEILOR Holding SA, a group of companies that includes the luxury jewelry chain TEILOR, Teilor Invest Exchange and the financial credit company Invest Intermed GF IFN, announces the successful closing of the first corporate bond issue and the raising of a total of 45 million lei from Investors BVB. The two private placements, one in euros and the other in lei, took place between 18 Novemberand and 26and, 2021 and were brokered by BT Capital Partners and assisted by Cornerstone Communications, TEILOR’s licensed advisor. Filip & Company assisted Teilor Holding with the corporate bond issue.
“The story of TEILOR began with the dream of a small business, a dream that began 20 years ago in Teilor Street in Pitesti. Over the years, we have always relied on our own capital, backed by bank financing; For me, as an entrepreneur, raising capital from BVB investors to finance our international expansion is an exceptional achievement, and I would like to thank all our bondholders for their trust and welcome them to the TEILOR family. Trends come and go, but one thing that will never change is the importance of care for a customer, a quality product, a personalized experience and attention to detail. These values will forever remain fundamental to our business, and we are committed to continuing to bring these values to TEILOR’s customers in all major European markets. Our goal is to become one of Romania’s biggest export success stories, and we look forward to achieving that goal with our investors by our side,says Florin Enache, Chairman of the Management Board and founder of TEILOR Holding.
Corporate bonds issued in lei have a nominal value of 100 lei per bond, a maturity of 5 years and a fixed interest rate of 8.25%, with semi-annual coupon payment. TEILOR Holding estimates that the 140,035 lei-denominated corporate bonds, with a total value of more than 14 million lei, will be traded on the AeRO market of the Bucharest Stock Exchange before the end of the year under the symbol TEI26. Euro-denominated corporate bonds have a nominal value of €100 per bond, a maturity of 5 years and a fixed interest rate of 5.75%, payable semi-annually. The 62,700 eurobonds totaling 6.27 million euros will be traded on the AeRO market under the symbol TEI26E. Both shows aired on December 3rd2021 and have a due date of December 3rd2026.
“The bond issue marks the beginning of the story of TEILOR Holding on the Bucharest Stock Exchange, a story that we are sure will bring great joy and satisfaction to investors. At BT Capital Partners, we are proud to work with Romanian entrepreneurs who always dare to take their business to the next level. TEILOR is, without a doubt, one of the most interesting Romanian entrepreneurial stories that has already managed to successfully develop its international footprint. We are confident that with the capital raised from investors, TEILOR’s development plans will accelerate, supporting the expansion of the TEILOR brand across Europe,” said Daniela Secara, CEO of BT Capital Partners, the investment banking and capital markets division of Banca Transilvania, which brokered TEILOR Holding’s private placements.
TEILOR Holding’s corporate bonds are the largest bond issue in the history of the AeRO market, as well as the first issue by an entrepreneurial company that had both a euro and lei underwriting component, offering investors the ability to select a currency. A total of 139 professional and qualified investors participated in TEILOR’s private placements.
“TEILOR is an exceptional company, Enache, which perfectly encompasses Florin and Geanina Enache’s vision and dedication to quality, craftsmanship and beauty, fueled by their unrivaled understanding of luxury and customer care. As a loyal client of TEILOR, working alongside Florin and the entire management team of TEILOR Holding on this fundraising was one of the highlights of this year. TEILOR has all the ingredients to become Romania’s greatest international success story, and we are proud that this has been accomplished with the support offered by the investors of the Bucharest Stock Exchange. We can’t wait to see how TEILOR’s story continues from now on, and we’re thrilled to be alongside management on this exciting journey.said Zuzanna Kurek, Founder of Cornerstone Communications, Authorized Advisor to TEILOR Holding.
“We thank all the investors for their confidence in TEILOR Holding’s projects. The success of the private placement, the largest in the history of the AeRO market, is a confirmation of the notoriety of the TEILOR brand as well as a validation of our development plans. With the capital raised from investors, we are an extremely well capitalized group, ready to accelerate our development plans abroad for TEILOR and locally for Teilor Invest Exchange and Invest Intermed GF IFN. As we are targeting an estimated turnover of 1 billion lei by the end of 2026, we do not rule out new operations on the local stock market”, said Mircea Varga, board member of TEILOR Holding.
Totaling 45 million lei, the capital raised from investors will be divided between the three companies and will be used for accelerated development. About 45% of the capital raised by TEILOR Holding will be directed to TEILOR SRL and will be used for the expansion of the network of jewelry stores across Romania and Europe, as well as for investments in the e-commerce platform. Around 33% of the capital will be directed to Invest Intermed GF IFN, to open new branches and provide working capital for these sites, as well as investments that will accelerate the increase in market share in Romania. The rest of the funds, approximately 22% of the issue, will be directed to Teilor Invest Exchange, capital which will mainly be used to finance the development of the branch network across Romania and the necessary working capital.
Filip & Company assisted Teilor Holding with the corporate bond issue which attracted RON 45 million from Bucharest Stock Exchange investors
On the advisory side, for the fundraising process, TEILOR Holding was assisted by the law firm Filip & Company which provided legal assistance, and PwC Romania provided audit services.
“Teilor is one of the most dynamic companies and a Romanian entrepreneurial company built with passion, hard work and intense dedication to each client. In working with them, we have seen that every move of the Teilor team is backed by a strong vision for growth and variation and a deep understanding of target market trends. We are delighted to have been able to support Teilor in another project and we were very happy to partner with BT Capital Partners, PwC, and Cornerstone Communications within the multidisciplinary team that supported the client in this benchmark private placement”, said Cristina Philipmanaging partner of Filip & Company.
The Filip & Company team that assisted Teilor on this project was coordinated by Cristina Filip and included Olga Niță (partner), Roxana Diaconu (senior partner), Simona Ungureanu (partner) and Daria Olteanu (partner).