Etterbeek’s municipal bond A

Loan

A public daycare in Etterbeek

€1,019,500

total amount raised in round

Backed by over 50 investors

This campaign has been closed

When an investor invests in this project, the investor subscribes to a municipal bond issued by the municipality of Etterbeek.
There is no intervention by Spreds Finance in this offer and no participatory notes will be issued as a result of this offer.

Once the investment conditions have been met, Etterbeek will issue a loan based on the outcome of this offer. SPREDS will then sign the loan agreement with Etterbeek in the name and on behalf of the investors subscribing to the present offer for the amount to which they subscribe.

Modalities of the municipal bond

The loan is for a period of 18 months.
The gross annual interest rate is 4.50% for Etterbeek residents (meaning natural persons domiciled in Etterbeek and legal persons with registered seat in Etterbeek) and 4.00% for other investors (non-Etterbeek residents). The net annual interest rate if 3.15% for Etterbeek residents and 2.80% for non-Etterbeek residents.
Interest is paid every 6 months. Given the term of the loan, there will be 3 interest payments.
Interest is calculated on the capital invested (‘bullet’ loan).

The capital invested is repaid in full on the maturity date.
The minimum amount for a successful offer is €400,000. The maximum amount of the offer is €1,200,000.

Condition precedent to the issuance of Etterbeek's municipal bond

The Etterbeek municipal bonds will only be issued if subscriptions have been received for an amount of minimum €400,000.

Spreds will verify whether this condition is met within 15 business days of the end date of the subscription period. If this condition is not met, the municipal bonds will not be issued and investors will be reimbursed for their respective subscription amounts no later than 15 business days after this check.

Subscription price

The minimum subscription amount per investor is €1,000 (with increments of €500). There is no maximum subscription amount per investor.
There are no subscription or other fees.

Subscription conditions

Etterbeek reserves the right not to accept subscriptions if the following conditions are not met by the end date of the subscription period:

The investor has given a power of attorney to SPREDS during the subscription to represent him and sign the loan agreement with Etterbeek in order to materialize the subscription to the loan issued by Etterbeek and for the amount indicated in his subscription.
The investor wired the proceeds of his subscription into a bank account dedicated to the campaign, the number of which is indicated during the online subscription. Note that the funds are blocked on the dedicated account until the condition precedent is lifted (see above).
The investor has mandated SPREDS to wire the funds received into Etterbeek’s account, once the subscription period has ended and in the event that the offer's condition precedent is fulfilled.

Subscription period

The subscription period begins on 04/09/2024 and ends in principle on 18/10/2024.

A decision to extend the subscription period by a maximum of 2 months (i.e. until 18/12/2024) may be taken provided that the total amount subscribed by 18/10/2024 is at least €320,000.

The offer may be closed early once the amount of €800,000 has been reached. The offer may also be closed early if the total amount of orders on the subscription forms submitted to SPREDS reaches the maximum amount of the offer.

The municipal bonds will be issued on the date on which the loan agreement with Etterbeek is signed, insofar as the condition precedent to this offer (see above) is met, i.e. no later than 12/11/2024 if the subscription period ends 18/10/2024. This may be earlier (if the subscription period is closed early) or later (if the subscription period is extended).

Investors benefit from a pre-contractual reflection period during which they may, at any time, revoke their investment offer or expression of interest in the crowdfunding offer without justification and without incurring any penalty. The pre-contractual reflection period begins when the potential investor makes an investment offer or expresses interest, and expires after four calendar days.