Results of the non-public bond issue of Mainor Ülemiste

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Mainor Ülemiste AS has completed a private placement of unsecured bonds of EUR 5 million with the maturity of five years. Investors subscribed bonds for a total of EUR 6,057,000 which means that the initial issue volume was oversubscribed by 1.2 times.

The issue price for the offering was equal to nominal value and bonds bear a fixed rate coupon of 4.75% per annum. The completed offering was the first tranche of the company’s unsecured bond programme with the maximum aggregate value of EUR 15 million, of which proceeds will be used for the development of new projects in Ülemiste City campus.

New development projects include the talent-centric and green Alma Tomingas office building, which is already under construction, an educational complex inviting to move and study, and a new smart production building for fuel cell company Elcogen, which will start construction in the second half of this year.

The company has decided to issue the bonds in several tranches dependent on the capital needs. It is expected that the remaining part, i.e. two third of the aggregate maximum value of the bond programme, will be issued partly ot wholly in one or more placements within the period slighlty less than two years from now.

Similarly to the previous two bond issues of Mainor Ülemiste, the current offering met wide interest in all three Baltic countries. The largest share, i.e., 52.4%, of the total subscribed amount came from Estonian investors, the shares of Latvian and Lithuania investors were 19,5% ja 28,1%, respectively. Investors who haven’t been participating in the previous bond issues of Mainor Ülemiste subscribed approximately three fourth of the total amount of the subscriptions. Several Baltic banks participated in the offering.

Mainor Ülemiste application for admitting the bonds on the Nasdaq Baltic Alternative market First North was conditionally approved by the Management Board of Nasdaq Tallinn on June 1, 2021. The first trading day of the bonds is expected to be June 11, 2021 or on a date close to it.

The advisor of the offering was Redgate Capital AS, who has also advised Mainor Ülemiste on the previous bond issues in the alternative market First North. In addition, Redgate Capital has brought bonds of issuers such as AS Magnetic MRO and recently UAB Terseta onto the Baltic First North market.

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