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Ellex Advises LHV Group on EUR 35 Million Public Offering of Subordinated Bonds

Ellex Advises LHV Group on EUR 35 Million Public Offering of Subordinated Bonds

Estonia
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Ellex has advised the LHV Group on its EUR 35 million public issuance of subordinated bonds.

According to Ellex, the bonds have a 10.5% interest, a nominal value of EUR 1,000, and a maturity date of September 29, 2033. Interest payments are made quarterly. The bonds "were extremely popular with investors and were oversubscribed 16.3 times by the end of the subscription period on September 26."

The LHV Group is an Estonia-based entity primarily involved in the financial services industry and a public company listed on the Nasdaq Tallinn Stock Exchange.

LHV had initially planned to raise EUR 25 million through the issuance, but increased the volume to EUR 35 million following the substantial interest. In total, 16,255 investors subscribed to LHV bonds for the amount of EUR 407.5 million, the firm reported, while the maximum amount covered by the company's bond program is EUR 200 million.

Ellex had also advised the LHV Group on a previous public offering of subordinated bonds, back in 2020 (as reported by CEE Legal Matters on October 6, 2020). 

The Ellex Raidla team included Partner Gerli Kivisoo, Counsel Gerd Laub, and Associate Georg Kuusik.

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