The ‘Civinity’ non-publicly issued the bonds for EUR 11 mln
The Public Limited Liability Company AB ‘Civinity’ managing the companies carrying out the administration and maintenance of residential and commercial premises in Lithuania and Latvia non-publicly issued the bonds for the value of EUR 11 mln. The issue of the bonds by the ‘Civinity’ was redeemed by the independent funds of the Polish Investment Company ‘Credit Value Investments’ (CVI). The par value of each bond shall be EUR 100 thous., the bonds shall be redeemed upon four years.
„Our long-term task is the regular development and growth of the Group of Companies, therefore we constantly look for a new investment opportunities. We considered different funding opportunities for funding the further development of the Group of Companies ‘Civinity’, including banks' funding. The terms for redemption of bonds presented by the CVI met the best our targets on this stage“, – stated the Chairman of the Board of the ‘Civinity’ Vitoldas Sapožnikovas.
According to V. Sapožnikovas, the received funds shall be used for spreading the part of the market occupied by the ‘Civinity’ in Lithuania and Latvia, as well as for the Group investments in the Estonian market. This shall facilitate the purposeful achievement of the strategic target by the company – becoming the largest group in maintenance and administration of buildings in the Baltics states.
"Over the past year we have significantly expanded our activities both in Lithuania and Latvia. The issue of bonds will help us to further pursue our strategic goal – to become the largest facility management service provider in the Baltic States," shared Deividas Jacka, Chief Business Development Officer at Civinity.
The bonds of the ‘Civinity’ became the first issue of bonds in the Baltic states redeemed by the investment company CVI operating in the financial markets in the Central and Eastern Europe. Furthermore, the bond of such type ‘unitranche’ including all financial risk levels is the first in Lithuania and presents a new form of combination of debt and ownership risk according to Karolis Pocius, being the partner of the advisor of the ‘Oaklins M&A Baltics’ that have arranged the issue of the bonds.
The ‘Civinity’ was advised by the ‘PwC Legal’ with regard to any legal issues related to this transaction.
The Group of Companies ‘Civinity’ consists of such building administration companies in Lithuania as the ‘Senamiesčio ūkis’, ‘Ozo miestas’, ‘Būsto valda’, ‘Debreceno valda’, ‘Vitės valdos’, ‘Klaipėdos bendrabutis’, ‘Palangos butų ūkis’, ‘Kretingos būstas’ and such the companies supplying residential and commercial premises administration services in Latvia as the AS ‘Hausmaster’, SIA ‘CS Komercserviss’, SIA ‘Home Master’, SIA ‘Labo namu agentūra’, SIA ‘Jūrmalas Naimsaimnieks’ etc.