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2024-08-29 08:45:00 CEST 2024-08-29 08:45:00 CEST Invalda INVL - Other informationINVL Baltic Sea Growth Fund-backed FERN Group launches EUR 8 million public bond offeringFERN Group, a leading engineering solutions group in Lithuania and a portfolio company of the INVL Baltic Sea Growth Fund, the foremost private equity fund in the Baltic region, on 29 August 2024 is starting an offering of EUR 8 million of bonds. The bonds will be offered publicly to retail and institutional investors in the Baltics. The new FERN Group bond issue has a maturity of 2 years. By way of auction, investors can choose an annual coupon rate between 8.5% and 9.5%, where coupon will be paid quarterly. The bonds will be secured by the surety of INVL Baltic Sea Growth Fund in the amount of EUR 8 million. “We aim to raise funds from investors in the capital markets, with EUR 5 million earmarked for refinancing existing liabilities and other corporate needs,” says Vilija Zapalskienė, CEO of FERN Group and its subsidiaries. Vidas Venckus, a partner of the INVL Baltic Sea Growth Fund and member of FERN Group’s supervisory council, adds: “This bond offering will give the group more opportunities to grow steadily and achieve its strategic goals.” Lithuania’s State Investment Management Agency (VIVA) has previously financed operations of the group's company Montuotojas, and the company has already repaid EUR 3.5 million out of the initial EUR 8.5 million financing. The bond issue will allow the Group to fully cover its remaining debt to the agency. The FERN Group’s bonds, which have a nominal value of EUR 1,000 each, will be offered to retail and institutional investors in the Baltic countries. The bonds will be offered publicly until 11 September inclusive. They are being distributed by Šiaulių Bankas. An online presentation and a Q&A session for investors will be held on 3 September at 3 p.m. Event login link is here. The company also intends to apply to Nasdaq Vilnius for inclusion of the bonds that are placed 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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