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2024-09-12 15:05:00 CEST 2024-09-12 15:05:00 CEST Invalda INVL - Other informationINVL Baltic Sea Growth Fund-backed FERN Group completes EUR 8 million public bond offeringFERN Group, a foremost engineering solutions group in Lithuania and a portfolio company of the INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltic region, completed a public offering of EUR 8 million of bonds. The bonds with a maturity of 2 years were offered to retail and institutional investors in the Baltics. “This is the first time we’ve gone to the capital market, and the successful placement of the bond issue shows that investors have trust in our group and believe in what we’re doing,” says Vilija Zapalskienė, the CEO of FERN Group and its subsidiaries. Orders were received for EUR 9.522 million. A total of 406 investors acquired the FERN Group bonds; the majority (74%) are from Lithuania. FERN Group will pay 9% annual interest on the bonds, the rate determined in an auction on the Nasdaq Baltic stock exchange. Interest will be paid to investors quarterly. The bonds are secured by an EUR 8 million surety of the INVL Baltic Sea Growth Fund. The group publicly offered the bonds from 29 August to 11 September. Šiaulių Bankas distributed the bonds in the Baltic markets. “It’s encouraging to see to see more companies incorporating capital markets into their financing strategies. FERN Group’s successful bond placement shows the markets truly have a lot to offer. This securities offering not only allowed the company to explore its potential with market participants, but also demonstrated the strong trust and recognition from investors,” says Eglė Džiugytė, Head of Markets at Šiaulių Bankas. The group will use most of the money raised from investors (EUR 5 million) to refinance existing commitments to Lithuania’s State Investment Management Agency (VIVA). “FERN Group will continue to focus mainly on stable growth and the achievement of its strategic objectives,” says INVL Baltic Sea Growth Fund Partner Vidas Venckus, a member of the FERN Group’s Supervisory Council. In the near future, the company plans to submit an application to the Nasdaq Vilnius Stock Exchange for the listing of its bonds on the First North alternative securities market. Cobalt is the legal advisor for the FERN Group bonds. The audit firm Audifina is the bondholders’ trustee. The FERN Group, a leading engineering solutions group in Lithuania, includes the companies FERN EPC, FERN Production and Montuotojas, which perform general contracting, manufacturing and assembly activities. The group has 65 years of experience in the market and each year completes more than 250 projects involving industrial, energy, logistics, oil, wood processing, chemical, paper, food, and agricultural facilities. In 2023, the group had consolidated revenue of approximately EUR 30 million. About the INVL Baltic Sea Growth Fund The person authorised to provide additional information:
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