Coop Pank AS is planning to have a bond program of subordinated bonds
Coop Pank AS is planning to have a bond program of subordinated bonds. The bond program will be used for the issue of bonds in several different series within the next 12 months. The issue and contemplated public offering of the first series of bonds is planned to happen in March or April 2021.
Under the bond program, it is planned to issue altogether up to 20,000 unsecured subordinated bonds with the nominal value of 1000 euro each and with the final redemption date of 10 years as from their issue. The total volume of the bond program is up to 20 million euro. The company intends to list the unsecured subordinated bonds in the Bonds’ List of Nasdaq Tallinn Stock Exchange. According to the company’s plans, the public offering of the bonds shall be carried out only in Estonia and such offering is subject to approval of prospectus by the Financial Supervision Authority. Coop Pank AS will notify separately of approving the prospectus, commencement of the offering of the bonds, including subscription terms thereof.
This is not to be construed as an offer or an invite to acquire bonds. The public offering of the bonds shall not be carried out in any other jurisdiction than Estonia.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using of Coop is 89,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 330 stores.
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