Vilnius/Riga/Tallinn, Nasdaq Baltic Market, March 9, 2020 – Nasdaq (NDAQ) announces that bonds issued by InMedica have been admitted to trading on the Nasdaq Baltic First North bond market by Nasdaq Vilnius as of March 9, 2020.
InMedica is a network of healthcare clinics which provide diagnostic and ambulatory care, surgery, dentistry and other medical services at the group’s current 16 family medical centers and 3 broad profile clinics in Lithuania and 1 specialized cardio clinic in Lithuania.
The size of InMedica bond issue is EUR 3 million. The nominal value of each bond is EUR 100. The bonds have a 2-year maturity and an annual interest rate of 5.5%, with coupon payments four times a year. Demand exceeded supply as over 120 investors purchased the debt securities. The bonds mature on December 16, 2021. Funds raised in the public bond issue will be used to finance new development projects, the acquisition of other clinics, and the refinancing of existing debt.
“The First North market is well suited to companies that want to build investor trust and increase their visibility in the capital markets. We wish company success in achieving their further business goals and look forward to successfully working with them in the future”, says Saulius Malinauskas, the President of the Nasdaq Vilnius stock exchange.
“In working to expand our network of clinics and the range of services we offer patients, we constantly invest both in new clinics and new equipment. We believe our choice of bonds as a capital market instrument will contribute to the continued growth of the company, and that their listing on the First North market will increase awareness of the company among investors and support their liquidity,” says Laura Penikienė, the CEO of InMedica.
Sorainen law firm is InMedica certified adviser for First North, while Šiaulių bankas – the arranger of the bond issue.
InMedica’s largest shareholder is the INVL Baltic Sea Growth Fund, whose main investor is the European Investment Fund – a part of the European Investment Bank. INVL Baltic Sea Growth Fund, the largest private equity investment fund for the Baltic region with the total size of EUR €165 million. In January 2019, the INVL Baltic Sea Growth Fund acquired a stake in InMedica” from the Baltcap private equity fund, which invested in the company in 2012.
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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com.
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