Nustay secures DKK 3 million ‘Business Angel’ loan from Vækstfonden
Nustay A/S (“Nustay”) announces that it has secured a loan from Vækstfonden totalling DKK 3.0 million. The ‘Business Angel’ loan matches an investment of Vaekstfonden approved Business Angels and has been designed to assist growth companies which have been particularly impacted by the COVID-19 crisis.
Details of Business Angel Loan
Nustay has obtained a loan from the Danish state’s investment fund, Vaekstfonden, totalling DKK 3.0 million. The ‘Business Angel’ loan has been agreed by matching an investment made by a Vaekstfonden approved syndicate of Business Angels. The loan product has been developed by Vaekstfonden to assist those growth companies that have been particularly impacted by the COVID-19 crisis. As a result of this, the loan has been designed with the following attractive terms:
- Loan maturity: six years.
- Repayment profile: repayment-free for the first three years.
- Interest rate: based on the quarterly adjusted CIBOR + 5% p.a.
- The loan applies a ‘bonus model’ which triggers a bonus to Vækstfonden in the event that the investor exits at a price greater than four times the investment. In this case, the bonus would amount to 1x the principal of the loan deducted of instalments and interest – in addition the loan has to be fully repaid. The bonus would have to be paid by Nustay A/S.
Mathias Lundoe Nielsen, Nustay CEO, comments:
“In order to move towards restarting our global marketing activities, Nustay has sought a number of further financing options. Today we have announced the DKK 3,0 million Vaekstfonden Business Angel loan, which has been agreed on very attractive terms. We continue to pursue additional options and expect to make a further announcement shortly. We are confident that with this Nustay will be in the right position to meet the recovery of the market, and indeed, any further challenges that the remain ahead.”
For further information about Nustay, please contact:
Investor Relations, Nustay A/S
E-mail: investor@nustay.com
Website: www.nustay.com
This information is information that Nustay A/S is obliged to publish following the EU Market Abuse Regulation. The information was provided by the contact person above for publication on August 3rd , 2020.
About Nustay:
Nustay is a Danish online hotel booking company established in 2014. The company has developed an innovative booking platform offering the lowest possible hotel prices while also enhancing customer’s booking experience. Nustay has set out an ambitious vision to become the global leader within the online hotel booking industry, and is confident its large hotel room inventory, novel pricing strategy, and transparent booking process, will achieve that goal.