Bond issue and extension of loans
Arco Vara AS conducted a bond issue as a result of which bonds in the amount of 800 000 euros were issued. The issue date of the bonds was 8 January 2018 and the maturity date is 4 January 2019. 80 bonds were issued in the nominal value of 10 000 euros with interest rate 12% per year. The issued bonds were not guaranteed. The issued bonds have been paid for in full. The bond issue was conducted in accordance with ยง 12 section 2 clause 2 of the Securities Market Act, therefore the offer of securities was not public.
Bonds were subscribed for by 5 investors. The aggregate amount of the issue was 800 000 euros and the minimum amount for subscription was 10 000 euros. During the subscription period, bonds in the total amount of 800 000 euros were subscribed for. The Management Board of Arco Vara AS decided to satisfy all subscription applications.
Proceeds of the bond issue will be used for real estate development.
In addition, Arco Vara AS has extended loans in the amount of 250 000 euros, which were taken on 29 December 2016, until 31 December 2018.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
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