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Signet Bank acted as the arranger, helping one of the leading commercial real estate investment companies in the Baltics – Summus Capital – successfully complete its debut EUR 10 million bond issue.
On 18 June 2021, Summus Capital issued unsecured bonds in the amount of EUR 10 million with maturity of 3 years and fixed coupon rate of 6.75%. The bonds were issued at a price equal to their nominal value. This is the inaugural bond issue for Summus Capital and the issuer plans to include the bonds in Nasdaq Baltic alternative market First North.
The bond issue saw strong investor interest and was oversubscribed, with total demand reaching EUR 11 million. More than 40 investors from all three Baltic countries, including both institutional investors, such as Baltic bond funds, several banks and investment companies, and private investors, participated in the private placement. Overall, 52% of the issue was subscribed by institutional investors and 48% by private investors. Geographically, 65% of the issue was subscribed by investors from Latvia, demonstrating the growing activity of the local investor base.
Signet Bank capital markets team provides support for Baltic companies in structuring and placing debt and equity transactions on the capital markets – this year besides Summus Capital, Signet Bank has already arranged two issues, namely ELKO Group (EUR 20 million) and AS Mogo (EUR 30 million).
It is one of Signet Bank priorities to bring new ambitious issuers to the Baltic capital market and the bond issue of Summus Capital is a great example of that. It is a honor to assist leading pan-Baltic commercial real estate investor Summus Capital in their inaugural bond placement, which saw strong investor interest and was oversubscribed, demonstrating the continuous interest and belief in the long-term perspective of the Baltic real estate market, and providing one more evidence that bond issuance is an effective tool for Baltic companies to raise financing. We are confident that Summus Capital, with its strong shareholder and experienced management team, will have a long and successful journey in capital markets.
Roberts Idelsons, CEO of Signet Bank AS
With the first bond issue Summus Capital has taken steps to become a Baltic institutional real estate investor whose brand name is known not only to financial institutions and market professionals, but also a broader network of investors.
Boris Skvortsov, Chairman of the Board of Summus Capital
Summus Capital OÜ is a real estate investment holding established in 2013 that holds 11 properties in all three Baltic countries. The Group has a well-diversified portfolio of cash-flow generating commercial real estate properties with a market value of EUR 300m in retail, office, logistics and medical segments. Summus Capital has a long-term investment horizon and a strong tenant base with more than 300 tenants. The Group recently acquired Rīga Plaza shopping center in Latvia and plans to further expand its presence in the country through acquisition of new investment properties.
The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital maintenance and structured investment projects. Signet Bank’s majority shareholders are a group of Latvian and international investors, which includes SIA Hansalink, SIA Fin.lv, and Signet Acquisition III.