Estonia’s Coop Pank offers up to €8 million 5˝% bonds due 2031

By Rebecca Melvin

New York, March 16 – Coop Pank AS is offering up to €8 million 5˝% subordinated bonds due March 31, 2031, according to a company release.

The issuer has the right to increase the offering by up to €2 million if the issue is oversubscribed. It also has the right to cancel the offering in the volume not subscribed.

The offering is being targeted to retail and institutional investors in Estonia, and the subscription period will end on March 26.

The proceeds are intended to finance Coop Pank’s future growth strategy. And up to €20 million of bonds in several series are expected to be issued within the next year.

The bonds are expected to be listed on the Nasdaq Tallinn Stock Exchange on April 1.

The lender is based in Tallinn, Estonia.

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