By Angela McDaniels
Tacoma, Wash., June 25 – AS LHV Group priced €20 million of 6% subordinated bonds due Nov. 28, 2028 on Friday, according to a company news release.
The bonds are callable beginning June 28, 2024.
The bonds will be listed and admitted to trading on the Baltic Bond List of Nasdaq Tallinn Stock Exchange on or around Thursday.
The bonds were offered to the public. Investors subscribed for €77.9 million of the bonds, making the offering 5.2 times oversubscribed.
The company also priced €20 million of 8% additional tier 1 perpetual notes in a private placement. Investors subscribed for €30.2 million of the bonds, making the offering 2 times oversubscribed.
The company planned to issue €15 million of each series of bonds and increased the issue sizes after the offerings were oversubscribed.
Proceeds will be used to acquire the unit of Danske Bank involved with the loan portfolio of Estonian private clients, to expand business volumes and to increase the capital of subsidiary LHV Pank.
The issue of subordinated bonds is the second part of the company’s bond program. The first issue under the program was carried out in November 2018.
LHV Group is a financial services company based in Tallinn, Estonia.
| Issuer: | AS LHV Group
|
| Issue: | Subordinated bonds
|
| Amount: | €20 million
|
| Maturity: | Nov. 28, 2028
|
| Coupon: | 6%
|
| Call option: | Beginning June 28, 2024
|
| Pricing date: | June 21
|
| Settlement date: | June 27
|
|
|
| Issuer: | AS LHV Group
|
| Issue: | Additional tier 1 perpetual notes
|
| Amount: | €20 million
|
| Maturity: | Perpetual
|
| Coupon: | 8%
|
| Pricing date: | June 21
|
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