Ellex has advised Coop Pank on its EUR 10 million public offering of subordinated bonds.
"Until March 3, investors were able to subscribe to 10-year unsecured subordinated bonds of Coop Pank with a fixed interest rate of 5.0% per annum," Ellex informed. "553 investors participated in the subscription and submitted applications for a total of EUR 13.9 million, thus exceeding the base issue volume of EUR 8 million by 1.7 times. Coop Pank exercised its right to increase the issue to EUR 10 million."
Coop Pank is an Estonian bank, focusing on private customers and small and medium-sized businesses.
"The bank’s investor base is expanding every year," Coop Pank Management Board Chairman Margus Rink commented. "Since the founding of Coop Pank in 2017, Coop has been the strategic owner of the bank. The initial public offering in the fall of 2019 and the following two years attracted nearly 28,000 retail investors. We consider it important that our investor base also include institutional investors. Based on this, when distributing bonds this time, we give preference not only to existing customers, shareholders, and bondholders but also to institutions. Therefore, we distributed two-thirds of the total issue among investors who subscribed to 100 or more bonds (worth EUR 100,000 or more)."
The Ellex team included Partner Gerli Kivisoo, Senior Associate Kadi Sink, and Lawyer Anastassia Ostrovskaja.
Ellex did not respond to our inquiry on the matter.
