Nasdaq Welcomes PRFoods to Baltic Bond List
Tallinn/Riga/Vilnius, Nasdaq Baltic Market, April 6, 2020 – Nasdaq (Nasdaq: NDAQ) announces that the secured notes issued by PRFoods were listed on the Baltic Bond List by Nasdaq Tallinn as of April 6, 2020.
The listing of the secured notes of PRFoods follows the issue of the notes that was carried out both as a private placement and public offering of notes. The size of the note issue is EUR 10 million. The notes have a nominal value of EUR 100 and carry an annual coupon rate of 6,25%. The maturity date of the notes is January 22, 2025.
“PRFoods is now one of the two Estonian companies that has its securities listed both on the Baltic share and bond list. I’m happy to see that PRFoods is raising capital via stock exchange and at the same time is offering retail investors an opportunity to invest in a local company,” said Kaarel Ots, CEO of Nasdaq Tallinn.
“PRFoods issued secured notes mainly to refinance our existing loans and to invest into fish farms. We are glad that the issue was successful and we managed to raise more money than the initially planned €8.5 million despite the ongoing global Covid-19 crisis. Today, bond as a financial instrument is crucial both for issuers and investors to keep financing companies,” said Indrek Kasela, Chairman of the Board of PRFoods. “There are a lot of manufacturing companies in the Baltics that could list their bonds on the stock exchange, as we see companies doing elsewhere in the world. The public offering that was aimed at retail investors was carried out for two reasons. Firstly, to help to create a more liquid bond market in the Baltics and secondly, to open up bond investing for a broader group of investors.”
PRFoods is a fish farming and production company which operates in Estonia, Finland, Sweden and Great Britain. PRFoods’ key market is Finland, where the company is amongst the three largest fish production companies. The company’s products are sold in 37 countries in Europe, North and South America, and Asia. PRFoods’ shares have been listed on the Baltic main list since 2010.
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