Estonia’s Pro Kapital begins subscription of secured callable bonds

By Tali Rackner

Norfolk, Va., April 20 – The supervisory council of Pro Kapital Grupp AS decided to start the first subscription process of €10 million to €15 million of secured callable fixed-rate bonds, according to a notice.

As previously reported, the council approved the issue of up to €50 million of the bonds on April 2.

The company announced on March 6 that it had started discussions with qualified investors as to the demand for the bond.

The bonds will be issued with a nominal value of €100,000 and will carry a fixed-rate coupon that is no higher than 8%.

The securities will be issued in several tranches and will be due five years after issue.

Pro Kapital Grupp is a Tallinn, Estonia-based real estate development company with a focus on modern large-scale commercial and residential real estate in the capitals of Estonia, Latvia and Lithuania.

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