A public offering of subordinated bonds by the online trading provider Admiral Markets AS commenced today, 8 December 2017. In the same Nasdaq Tallinn has started the procedure of listing the bonds of Admiral Markets AS on the Baltic Bond List, following the company’s respective application yesterday.
The bond issue’s volume is €5m, as announced by the fintech company in the public offering and listing prospectus, which was registered by the Estonian Financial Supervision Authority and disclosed on 7 December 2017. The public offering of unsecured subordinated bonds is arranged by Admiral Markets AS and the subscription period runs from 8 to 19 December, 2017. The issue is targeted both to institutional and retail investors in the Baltics.
“Admiral Markets AS intention to list and admit to trading the bonds on Nasdaq Tallinn is a logical step for a company that arranges a public issue of securities and we would be honoured to become a new issuer on Nasdaq Tallinn once the bond issue is successfully completed”, said Sergei Bogatenkov, Member of the Management Board of Admiral Markets AS.
In total, Admiral Markets AS will issue 50,000 bonds for a price of €100 per bond, and have an interest rate of 8% per annum. The maturity date of the bonds is 28 December 2027, on which the issuer shall redeem all the bonds. The minimum amount of bonds the investor is able to subscribe to is 1. The unsecured subordinated bonds are offered for subscription by way of a public offering to retail as well as institutional investors.
To submit a purchase offer in Estonia, the investor must have a securities account opened with the Estonian Central Securities Depository through most commercial banks, which act as custodians in the central depository. To submit a purchase offer in Latvia and in Lithuania, the investor must submit a purchase offer via the respective market’s exchange members.
The issue of bonds was advised by law firm TGS Baltic as the legal advisers.
For further information about the bond issue please visit the dedicated webpage: admiral.ee.
For additional information:
Admiral Markets AS
Please note that the announcement should not be considered as investment advice, consultancy or other ancillary service. Before making the investment decision, Admiral Markets AS recommends you to consult with advisers.
EFSA has pointed out to the issuer the fact that the first press release referred to Admiral Markets in general as the issuer of bonds. For clarity, the issuer is Admiral Markets AS, a company registered in Estonia and licensed by EFSA. Naturally, the comments provided by Sergei Bogatenkov in the press release must be regarded as comments on behalf of Admiral Markets AS. Mr Bogatenkov serves also as a Member of the Management Board of Admiral Markets AS.