Skala Holding OÜ bond issue

About Skala Holding

Skala Holding OÜ (the Group) is a Baltic real estate investment holding company with investment properties in Estonia and Latvia, headquartered in Estonia. Since commencing operations in 2020, the Group has established itself as a significant player in the Baltic commercial real estate market.

The Group’s EUR 110 million+ investment property portfolio has substantially grown over the last years and is well-diversified, consisting of properties in retail (shopping centers), stock office, industrial and office segments.

The Group’s strategy is based on investments in cash flow generating commercial real estate with a long-term investment horizon. The Group invests in modern, high-quality assets to minimize capital expenditure requirements and operational risks.

Skala Holding is 85% owned by Maksims Mališko, a serial entrepreneur and founder of Grand Credit, a Latvian non-bank lender that specializes in secured consumer loans and mortgage-backed financing for private individuals and businesses. 15% is owned by Vitali Kõllomets (MRICS, CEO), who has a 20 year of experience in commercial real estate management.

Additional information: https://skalacapital.eu/for-investors

Presentation: https://signetbank.com/wp-content/uploads/2026/08/Skala-Investor-Presentation.pdf

Term Sheet

Issuer

Skala Holding OÜ (Estonia)

Security type

Unsecured Notes

Offer type

Private placement

Use of proceeds

– Refinancing of existing unsecured obligations due in 2026 and 2027
– General corporate purposes

Issue size

Up to EUR 18,000,000

Coupon rate

8.5% p.a.

Yield to maturity (1)

9.0% p.a.

Issue price (1)

98.70% (EUR 986.98 per 1 bond)

Coupon frequency

Quarterly

Maturity

3 years

Principal repayment

Maturity date, bullet

Call Option

– @101% after 1st year
– @100% after 2nd year

Put Option

Change of Control @101%

Nominal value

EUR 1,000

Minimum subscription

102 bonds (EUR 100,671.96)

Listing

Nasdaq Tallinn First North within 6 months after the Issue

Covenants (2)

– Equity Ratio (3) at least 30%
– Interest Service Coverage Ratio (ICR) at least 1.4x

Key general undertakings (2)

– Restriction on dividends
– Subordination of current and future shareholder loans and bonds
– Reporting obligations

Arranger

Signet Bank AS (Latvia)

Legal Advisor

Ellex Raidla (Estonia)

(1) YTM of 9% corresponding to an issue price of 98.698%

(2) Full list of covenants can be found in the Terms of the Issue

(3) (Equity + Subordinated Debt) / Total Assets

Where to invest?