Tallinn/Riga/Vilnius, Nasdaq Baltic, April 29, 2015 – Nasdaq (Nasdaq: NDAQ) announces that the bonds of OÜ Finora Capital, an Estonian financing company, will be the first bonds admitted to trading on the First North Bond Market by an Estonian company. The notes will be admitted on First North market by Nasdaq Tallinn, and will commence trading on May 4, 2015.
„Finora Capital is a great example of a young, ambitious smaller company that is taking advantage of the benefits that being on the public market provides. We are delighted to welcome them to the First North Bond Market which we have just introduced in the Baltics to diversify financing opportunities for smaller companies,” said Rauno Klettenberg, Head of Nasdaq Tallinn.
The first tranche of bonds admitted to trading is €660,000. The aim of the company is to size up the total issue up to 5 million euros in the future. The proceeds will be used to finance expansion of the company’s loan portfolio in Estonia. The term is 3 years, maturing on March 15, 2018. The bonds are secured against pledges on a range of company assets and carry an annual coupon of 9.75 per cent paid quarterly.
„Financing companies with short operating track-records do not have a lot of opportunities to quickly increase their credibility. Getting the approval from Nasdaq, a leading international exchange operator, to admit our securities to trading on First North is one of those ways,“ said Andrus Alber, CEO of Finora Capital. „We want to be a pioneer in operating transparently in the consumer credit sector in Estonia and hope that it will be valued by our cooperation partners and future clients and investors.“
About OÜ Finora Capital
OÜ Finora Capital is an Estonian capital based company that was launched in July 2014 when the company started with offering one product - mortgage backed loans - to its customers in Estonia. Its next products, hire-purchase for private customers and factoring for SMEs were introduced in the end of 2014 and in the beginning of 2015 respectively.
About First North First North is regulated as a multilateral trading facility (MTF), operated by the different exchanges at Nasdaq. It does not have the legal status as a regulated market in the EU. Companies at First North are subject to the rules of First North and not the legal requirements for regulated market. The risk in such an investment may be higher than on the regulated market.
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