Šiaulių Bankas has distributed a public bond issue of Modus Group

2018-01-03

Šiaulių Bankas has successfully distributed the almost 3-year public bond issue of the international group of companies Modus Group. Investors have redeemed all planned amount of  bonds totalling to 5 million euros. The return on these bonds will reach  5% with interest paid twice a year.

The first public bond issue of the group of companies Modus Group has been distributed by Šiaulių Bankas between 04 December 2017 and 29 December 2017.

"Congratulations to Modus Group on the first public bond issue.  The bonds have been acquired by both individuals and large institutional investors. The total number of the investors reaches almost 100. The company has become open to the investors, attracted the funds required for investment projects and diversified the debt portfolio „- said Tomas Varenbergas, Director or Deputy Director of Markets and Treasury Department.

The funds raised on the capital market Modus Group intends  to allocated to one of the strategic group's activities, i.e. to the development of renewable energy projects in Poland where it is planning to build solar power parks. In the neighbouring country the Lithuanian company is to develop solar power plant projects with a total capacity of about 50 MW. The group of companies is investing 45 million  euro in the alternative energy projects in Poland.

 "The distribution of the public bond issue was successful and it was redeemed by investors before the end of the distribution. This was caused by an attractive return on investment and a structure of the offer provided to investors. Besides, there is virtually no similar return and risk profile instruments on the local market especially in the renewable energy sector", -said Giedrius Audickas, Finance Director of Modus Group.

The bonds will come into force on 05 January 2018. Within two months after the bonds enter into force, the company will apply the Nasdaq Vilnius Stock Exchange for inclusion of the bonds in the Baltic First North Debt Securities List. Fulfilment of obligations to the bondholders is secured by the parent company MG NL Holding B.V.

Modus Group, the international group of companies, develops  its activities in such areas as renewable energy, vehicle, parking services and real estate. In Lithuania, Latvia, Estonia, Belarus, Poland and Spain. The group companies owns such  brands as CityBee, Unipark, Krasta Auto and etc.