News May 29th, 2019

by Nortal

€50 million bond issue to bolster Nortal’s expansion and accelerate growth

Nortal has concluded a €50 million bond issue to bolster the company’s expansion efforts and refinance an existing bond. Bonds were issued with five-year maturity and 4.75% coupon rate.

According to Priit Alamäe, founder and CEO of Nortal, this is the largest bond issue to date for Nortal that was mainly subscribed by renowned institutional investors. “Success of this bond issue, active interest by investors and a coupon rate of 4.75% is a testament of Nortal’s good reputation with the investor community and a strong sign of confidence and trust,” says Alamäe.

“I’m especially glad to see the bond issue so warmly welcomed in one of our most important home markets — the Nordics,” states Alamäe, adding that 75% of demand came primarily from institutional investors from Finland, Sweden and Norway, and 25% from investors and pension funds from Latvia, Estonia and Continental Europe.

In past years, Nortal has been growing fast in employee numbers and revenue as well as expanding geographically. In 2018, the company acquired Dev9, a Seattle-based software engineering consultancy specializing in cloud modernization, and has invested in building a strong presence in Germany.

“We are looking forward to furthering our offerings and accelerating growth in Germany, the Nordics and the U.S.,” adds Alamäe.

The bond proceeds of €50 million will be used to refinance an existing bond and for general corporate purposes, allowing Nortal to continue accelerating growth through tactical acquisitions in existing markets. The issue, with five-year maturity and a 4.75% coupon rate, will pay interest semi-annually.

For the bond issue, Pareto Securities acted as global coordinator and bookrunner, Redgate Capital as local manager, and the trustee agent is Nordic Trustee Oy.

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