Chicago, Sept. 27 – Estonia’s AS LHV Group announced that it will be issuing €35 million of 10˝% subordinated bonds due Sept. 29, 2033 (ISIN: EE3300003573), according to a news release.
The issue amount represents an increase from the €25 million previously announced, but is in line with the issuer’s option to raise the volume to €35 million.
The bonds were sold at par of €1,000.
The offering was targeted to Estonian retail and institutional investors.
The company received orders for €407.5 million, or for an oversubscription ratio of 16.3x.
In deciding how to allocate the bonds, LHV first focused on LHV Pank’s previous customers and LHV Group’s previous investors, with all of them receiving at least €2,000 each. Then, over that €2,000 base, investors received 3.106% of their subscriptions.
No bonds were allocated to other investors.
The subscription period ran from Sept. 12 to Sept. 26.
Proceeds will be used to strengthen the company’s capital structure, for growth and market positioning in both Estonia and the United Kingdom.
The company noted that it is planning capital and bond transactions in the future.
The bonds are expected to be listed on Nasdaq Tallinn on Oct. 2.
LHV is a financial services company based in Tallinn, Estonia.
| Issuer: | AS LHV Group
|
| Amount: | €35 million
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| Issue: | Subordinated bonds
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| Maturity: | Sept. 29, 2033
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| Coupon: | 10˝%
|
| Price: | Par
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| Yield: | 10˝%
|
| Trade date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Distribution: | Public
|
| ISIN: | EE3300003573
|
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