TALLINNA KAUBAMAJA AS

ANNOUNCEMENT

02.06.99

 

ISSUE OF COMMERCIAL PAPERS

 

Tallinna Kaubamaja AS will issue on 02.06.1999 15 million EEK worth 

of commercial papers at annual interest rate of 7% and nominal price 

of EEK 10 000.

 

Schedule of redemption of commercial papers is as follows: 

02.08.1999, 01.09.1999, 06.12.1999, 13.12.1999 and 20.12.1999 in 

equal parts. Total volume of one payment is 3 million EEK, which will 

be divided equally between 1500 commercial papers.

 

Purpose of the issue was to reduce interest expenses of Kaubamaja via 

replacement of existing current liabilities. Issue is organized by 

Hansabank Markets. Total of 24 investors made purchase offers for the 

securities, and the issue was oversubscribed by more than three 

times.

 

 

Urmo Vallner

Member of the Management Board

+372 6 400 200