Sorainen has advised the Modus Group on launching a second public bond issuance, expected to attract investment of EUR 8 million. The bonds are being distributed by Saiuliu Bankas and will be traded on First North, an alternative market administrated by Nasdaq.
The Modus Group is a group of companies managing renewable energy, mobility services, car trading and other businesses.
According to Sorainen, “the funds will be used to refinance the EUR 5 million bonds issued three years ago and to finance renewable energy projects as well as development of sustainable mobility services. The bond issue is planned in two phases: the first will last three weeks and is expected to raise EUR 5 million. Investors will be offered a 5% annual interest rate.”
“The first public bond issue proved to be an attractive tool for private and institutional investors to indirectly contribute to the development of renewable energy sources in the region and to obtain a sustainable return on investment,” said Head of Finance at the Modus Group Erika Zakarauskiene. “Part of the funds raised in the second issue will be used to refinance the first bonds as well as for investments in green energy and advanced mobility technologies.”
Sorainen’s team included Senior Associate Dalia Augaite and Associate Rimantas Bendorius.
Sorainen did not reply to our inquiry on the matter.