Cobalt has advised the Fern Group on its 2-year EUR 8 million public bond issuance with an offered annual interest rate of 9%.
The Fern Group is a group of engineering services and industrial construction companies controlling Montuotojas, Fern EPC, and Fern Production. According to Cobalt, "a total of 406 investors purchased Fern Group bonds, and 74% of them were from Lithuania. Interest will be paid quarterly and the bonds offered to investors are secured by a guarantee from the INVL Baltic Sea Growth Fund. The total amount of applications received was EUR 9.522 million, exceeding the supply by one-fifth."
Moreover, Cobalt reports that "the funds raised through the bonds will be used to refinance previous commitments amounting to around EUR 5 million. Fern Group will settle its debt to the State Investment Management Agency (VIVA), which has financed the activities of the group’s company Montuotojas. The other part of the money, around EUR 2.29 million, will be used for general business needs, for the growth of the group, and the implementation of its strategic objectives."
The Cobalt team included Partner Eva Suduiko.
