Vilnius/Riga/Tallinn, Nasdaq Baltic Market, February 17 2022 – Nasdaq (Nasdaq: NDAQ) announces that a second issue of InMedica bonds has been admitted to trading on the Nasdaq Baltic First North market by Nasdaq Vilnius effective February 17, 2022.
The size of InMedica’s second bond issue is EUR 8 million. The bonds have a nominal value of EUR 100 each, a term of 2 years, and an annual interest rate of 5% with interest paid twice a year. They mature on December 18, 2023. The debt securities attracted significant investor interest – 127 individuals and 17 legal entities purchased the bonds. The group will use the funds raised in the offering to refinance EUR 5 million of previous issuance as well as to expand its network of clinics, acquire modern equipment, and recruit specialists.
InMedica is one of the largest private healthcare providers in Lithuania and currently operates a chain of 36 clinics in several cities. The company offers diagnostics, outpatient care, surgery, dentistry and other medical services. The InMedica group includes 22 family medicine centers, 4 broad-profile and 3 specialized cardiology clinics, 6 walk-in clinics, 3 laboratories and 1 plastic surgery clinic.
“We welcome InMedica’s listing of a second bond issue on the Nasdaq Baltic First North Market,” says Saulius Malinauskas, the President of Nasdaq Vilnius. “We wish the company all success in its future growth, delighted that Nasdaq Baltic’s alternative First North market is helping it realize its ambitions.”
“This is the second successful bond offering for our network of clinics, which shows the company and its activities have earned investors’ trust. Despite the big challenges of the pandemic, the healthcare sector is growing and transforming, and along with the changes new opportunities are arising. Investors obviously view those opportunities positively,” InMedica CEO Kęstutis Broniukaitis says.
The public issue of corporate bonds was distributed by Šiaulių Bankas. Sorainen law firm is the company’s certified advisor on First North.
The InMedica group has more than 1,000 employees and provides healthcare services for over 100,000 registered patients. Its revenue in 2020 was nearly EUR 18 million. Since February 2019, 70% of the shares of InMedica belong to the INVL Baltic Sea Growth Fund, one of the largest private equity investment funds in the Baltic region, through the fund’s subsidiary BSGF Sanus.
About the INVL Baltic Sea Growth Fund
The INVL Baltic Sea Growth Fund, with a size of EUR 165 million, is one of the largest private equity funds in the Baltics and has the European Investment Fund (EIF) as its anchor investor. The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or ‘Junker Plan’) while also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth-potential small and medium-sized enterprises in the Baltics.
The fund seeks to assemble a diversified portfolio, targeting majority or significant minority stakes through investments of EUR 10 million to EUR 30 million in companies that demonstrate high growth potential and an ability to succeed in conditions of increasing global competition. The fund is focused on the Baltic countries and neighboring regions including Poland, the Nordics and Central Europe. The fund so far has invested in five companies in the healthcare, civil engineering, environmental management (plastic recycling and waste management) and cosmetic and hygiene measure production sectors.
The fund is managed by one of Lithuania’s leading asset management companies, INVL Asset Management, which is part of the Invalda INVL group. The group’s companies manage pension and mutual funds, individual portfolios and private equity and other alternative investments. More than 250,000 clients in Lithuania and Latvia and international investors have entrusted the group with over EUR 1.5 billion of assets under management. Active since 1991, Invalda INVL has a solid 30-year track record of managing private equity and developing companies into market leaders in the Baltics and CEE.
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