Riga/ Tallinn/Vilnius, Nasdaq Baltic Market, March 31, 2022 – Nasdaq (Nasdaq: NDAQ) announces that bonds issued by Longo Group AS, the leading player in the field of used car trade in the Baltics, have been admitted to trading on the Nasdaq Baltic First North Market by Nasdaq Riga as of today, March 31.
The size of the bond issue is EUR 3 million. The nominal value of each bond is EUR 1000. The coupon rate is 6% with interest paid monthly. They mature on November 30, 2024. The funding raised through the bond issue will be used to expand the range of cars offered in all three Baltic States, ensuring a wider supply of personal cars in accordance with consumer demand and global market trends.
Longo Group is the fastest-growing used car trading group in the Baltics. Its monthly sales of used cars more than twice exceed the amounts sold by competitors, delivering more than 9500 vehicles to customers since starting operations. In the first half of 2020, the company was one of the first in the region to provide its clients 100% online car buying service with 3D interior and exterior viewing option. In early 2022, the first permanent used car dealership in the Baltics was established at a shopping center in Panevėžys, Lithuania.
“I sincerely congratulate Longo Group on its debut on the Nasdaq Baltic First North Bond Market,” said Daiga Auziņa-Melalksne, the CEO of Nasdaq Riga and Head of Nasdaq Baltic Market. “I am confident that raising capital through the capital market is a great way to continue financing growth while building the company’s visibility among investors community and business partners.”
“The admission of Longo Group bonds on First North list is a significant milestone in the Group’s growth. This debut on the Baltics capital market doesn’t just provide the company with the opportunity to grow further, strengthen its leadership position in the Baltics market and increase profit using raised funds, it also confirms the sustainability of Longo Group’s strategy. The listing is also important to us strategically as recognition in the international market will let us build a reputation of a reliable partner among investors and cooperation partners, which, in turn, will ease further financing attraction and development,” notes Edgars Cērps, Longo Group co-founder and CEO.
Signet Bank serves as the Certified Adviser for Longo Group on the Nasdaq Baltic First North market. First North is a multilateral trading facility (MTF) tailored to support growing ambitious companies that want to raise capital and get the visibility and credibility of being a public company.
About Longo Group
AS Longo Group is an international company operating in the used car trade segment. In 2021 it doubled its revenue compared to the previous year, reaching a 30 million EUR turnover. AS Longo Group earned a profit for the first time, despite the impact of Covid-19 on the Group and the sector as a whole. Company branches that are selling cars are open in Latvia, Lithuania, and Estonia. Company branches in the Netherlands, Belgium, and Germany specialize in vehicle procurement, for further sale in the Baltics. The company provides transparent and reliable used car procurement, sales, and funding intermediation services. In May 2019, Longo opened their Riga car marketplace – the largest in the Baltics with 450 car capacity. The total range of vehicles on offer in the Baltics exceeds 1000 cars. All cars on sale are provided with 2 months or 3000 km warranty.
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