Mainor Ülemiste AS (hereinafter Mainor Ülemiste) has completed the targeted offering of 4-year unsecured bonds in the total amount of 10 million euros (with the right to increase up to 15 million euros). Investors subscribed bonds worth a total of 12,106,000 euros, i.e., 1.2 times more than the volume of the planned offering. The board of Major Ülemiste decided to satisfy all subscriptions and increase the issue to 12,106,000 euros.
The price of the bond offering was equal to the nominal value, and the fixed interest rate of the bonds is 8.5% per annum. The completed offer was the first part of the company's unsecured bond program with a maximum total volume of 20 million euros, the funds from which are planned to be used for the development of new projects in the Ülemiste City and to refinance the Mainor Ülemiste 05.04.2023 bonds issued in April 2018 (ISIN Code: EE3300111343, hereinafter "2023 bonds"). The finished issue was successful in all three Baltic countries and a total of 100 investors participated.
During the directed offer, all investors of bonds of Mainor Ülemiste redeemable on April 5, 2023, had the opportunity to pay for the bonds to be subscribed with existing bonds (ISIN code: EE3300111343, hereinafter "2023 bonds"). The 2023 bonds used for payment in this way will be deleted from the register on 06.03.2023. It is not an early redemption of existing bonds, or any other procedure stated in the bond terms that affects all bondholders, but an opportunity offered to investors by agreement during the subscription of new bonds. During the offering, 38 investors used the opportunity to sell their 2023 bonds back fully or partially to the issuer. The said bonds will be deleted from the register after 06.03.2023, which will leave the total amount of bonds in 2023 at 6,377,500 euros. 2023 bonds, with which previous investors did not want to pay for new bonds, will remain in the register until their regular redemption on April 5, 2023.
Mainor Ülemiste’s application for admission of new bonds to trading on the Nasdaq First North alternative market has been submitted to the board of the Nasdaq Tallinn Stock Exchange.
The offering was advised by Redgate Capital AS, which has also been the advisor to Mainor Ülemiste’s previous bond issues on the alternative market First North.
Mainor Ülemiste is owned by Mainor AS, whose main activity is the development of Ülemiste City, the largest business district in the Baltic States. 167,000 square meters of rentable office space has been built on the 36-hectare territory, which is home to nearly 500 companies and where more than 14,000 people work, study and live. Ülemiste City is being developed by Mainor AS, Mainor Ülemiste AS and Technopolis Ülemiste AS.
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Ursel Velve
Mainor Ülemiste AS, CEO
+372 507 9781