Arco Vara conducted a bond issue as a result of which bonds in the amount of 160 000 euros were issued. The issue date of the bonds was 21 March, 2014 and the maturity date is 20 June, 2015. 160 bonds were issued in the nominal value of 1000 euros with interest rate 9,8% per year. Interest payments will be made quarterly. The issued bonds will be guaranteed with mortgage on property that belongs to the subsidiary of Arco Vara. The issued bonds have been paid for in the full amount. The conducted bond issue was an issue of securities in accordance with § 12 section 2 clause 2 of the Securities Market Act.
Bonds were offered to 3 investors and all of them subscribed. The aggregate amount of the issue was 200 000 euros out of which 160 000 euros were subscribed. According to NASDAQ OMX Tallinn Rules and Regulations transactions with 2 of the 3 investors were considered to be transactions with persons connected with the issuer. The mentioned investors are AS Lõhmus Holdings ja OÜ Alarmo Kapital. The member of the Management Board of AS Lõhmus Holdings is Rain Lõhmus who is the member of the Supervisory Board of Arco Vara. The members of the Management Board of OÜ Alarmo Kapital are Tarmo Sild, who is the member of the Management Board of Arco Vara, and Allar Niinepuu who is the member of the Supervisory Board of Arco Vara.
Proceeds of the bond issue will be used for proceeding with developments in Estonia.
Evelin Kanter
Lawyer
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee