Results of the Offering of Unsecured Subordinated Bonds of Bigbank AS
2024年5月27日 - 2:00PM
Results of the Offering of Unsecured Subordinated Bonds of Bigbank
AS
The public offering of Bigbank AS
(Bigbank) unsecured subordinated bonds
(the Offering) ended on Friday, 24 May 2024. It
was the second series under Bigbank’s unsecured subordinated bond
programme, which was conducted based on the base prospectus of
subordinated bonds programme. Under the programme it is possible
for Bigbank to raise up to 30 million euros in total.
In the course of the Offering, up to 3,000
unsecured subordinated bonds, with the nominal value EUR 1,000
each, the maturity date 29 May 2034 and fixed interest rate of 7%
per annum, payable quarterly, were offered by Bigbank. In case of
oversubscription, Bigbank had the right to increase the volume of
the Offering by up to 7,000 bonds to the total of up to 10,000
bonds. The Offering was carried out in Estonia, Latvia and
Lithuania.
929 investors participated in the subscription
and submitted subscription orders for the subordinated bonds in the
total amount of 9.0 million euros. Therefore, the base issue volume
of 3 million euros was oversubscribed by three times. Bigbank
exercised its right to increase the volume of the Offering, as such
the total final volume of the Offering amounted to 7 million
euros.
The Management Board of Bigbank decided to
allocate the bonds according to the following principles:
- All subscription orders from the same subscriber were summed
up;
- Subscriptions by investors up to the amount of 30,000 euros
were accepted in full;
- Employees of companies belonging to Bigbank group were
allocated 100% of the amount subscribed;
- Investors were allocated 33% of the amount subscribed exceeding
30,000 euros;
- The number of bonds with decimal places was rounded to the
closest whole number.
Martin Länts, Chairman of the Management Board of Bigbank,
thanked all investors who participated in the public issue for
their trust in the bank's strategy and growth prospects. "The
subscription results show that investor confidence in Bigbank's
future plans remains very high. With the capital raised, Bigbank
will be even stronger in implementing its business strategy,
planning to continue growing primarily in the housing and corporate
loan segments while ensuring compliance with established capital
requirements," commented Martin Länts.
The Bonds are expected to be transferred to the
securities accounts of investors on or about 29 May 2024 and
the first trading day of the bonds on the Baltic Bonds List of
Nasdaq Tallinn Stock Exchange is expected to be on or about 30 May
2024.
Argo Kiltsmann Member of the Management Board Tel: +372
53 930 833 E-mail: Argo.Kiltsmann@bigbank.ee
www.bigbank.ee