By Mary-Katherine Stinson
Lexington, Ky., Dec. 11 Estonias Inbank AS gave the results of its public offering of 9% subordinated bonds due Dec. 13, 2033, according to a notice.
The offer was 7.6 times oversubscribed, with 2,893 investors participating in the issue, subscribing to the subordinated bonds for a total of 45.7 million.
As the initial planned 6 million issue was exceeded, Inbank elected to increase the issue to 8 million. There was an oversubscription option for another 6 million of bonds.
Inbank issued the 10-year subordinated bonds with a nominal value of 1,000.
Inbank has a premature redemption right after five years, subject to permission from the Estonian Financial Supervision and Resolution Authority.
Inbanks management board decided to allocate the subordinated bonds based on the following:
All subscription orders of the same subscriber were summed up;
All subscription orders in the amount of 1,000 were accepted in full;
All subscription orders above 1 million were reduced to 1 million;
Investors were allocated 13.36% of the amount exceeding the 1,000 threshold; and
The number of bonds with decimal places was rounded to the nearest whole number.
The subscription period started Nov. 29 and ended Dec. 8.
The offering was targeted to all retail and institutional investors in Estonia.
Settlement is planned for Dec. 13.
The bonds are expected to be listed on the Baltic Bond List and the Nasdaq Tallinn Stock Exchange on or about Dec. 14.
This is the second series for the bank under the bond program started in 2021. The bank may issue up to 35 million of bonds over three years.
Inbank used the bond proceeds to continue international growth and develop its financing platform, chief financial officer and management board member Marko Varik said in the press release.
The issuer is a Tallinn, Estonia-based bank.
| Issuer: | Inbank AS
|
| Amount: | 8 million
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| Greenshoe: | 6 million
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| Issue: | Subordinated bonds
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| Maturity: | Dec. 13, 2033
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| Coupon: | 9%
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| Call features: | After five years
|
| Settlement date: | Dec. 13
|
| Listing date: | Dec. 14
|
| Distribution: | Estonia
|
| ISIN: | EE3300003714
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