Three years ago Mainor Ülemiste AS entered first time the bond market and until today has successfully conducted four subscriptions. In the autumn of 2017 the company’s first tranche of bonds maturing on 05.04.2023 (ISIN code EE3300111343; “the 2023 Bonds”) was oversubscribed, totalling 2.65 million euros; the supplementary issue via non-public offering finished in the end of March gathered additional 7.35 million euros.
The proceeds from the bond issue are used for financing of the construction of the Öpik-house twin tower and the first apartment house of the campus and also for refinancing of the Mainor Ülemiste 26.11.2018 notes (ISIN code EE3300110691; „the 2018 Notes“) witch bears higher interest rate and what will be extraordinarily redeemed on 26 May.
The ended supplementary issue was well received in all three Baltic countries – the total number of subscribers reached 108. Two thirds of subscribers are new investors for the issuer, as one third exchanged the 2018 Notes to new ones. During the offering 33 investors used the option to re-sell fully or partially their 2018 Notes back to the issuer; the mentioned notes will be deleted from the register on 05.04.2018, after what the outstanding amount of 2018 Notes will be 2.984 million euros.
Mainor Ülemiste will apply for admission to trading of the additionally issued 2023 Bonds on the Multilateral Trading Facility First North. The bond issue will not bring along substantial increase in issuer’s debt burden nor deterioration of its financial standing and thanks to the successful refinancing operation the weighted average cost of borrowed capital will decrease for the issuer.
Mainor Ülemiste's main business is developing the largest business hub in the Baltic region on the grounds of the former Dvigatel plant. The Ülemiste campus with its 380 companies is employing 10,000 people today. Ülemiste City district is developed by Mainor Ülemiste AS and its affiliate Technopolis Ülemiste AS.
Margus Nõlvak
CEO
Phone: +372 504 1010
Mainor Ülemiste AS
Valukoja 8
11415 Tallinn, Estonia
Tel: +372 5304 6992
Phone: info@mainorulemiste.ee
www.mainorulemiste.ee