Results of Hepsor AS’s bond offering
On Friday, 21 November 2025, the public offering of bonds of Hepsor AS (registry
code 12099216, address Järvevana tee 7b, 10112 Tallinn, Estonia; Hepsor) ended
(the Offering). This was the first series of Hepsor's 20-million-euro bond
programme, which was carried out on the basis of the prospectus approved by the
Estonian Financial Supervision Authority (FI) on 10 November 2025.
As a part of the Offering, Hepsor offered up to 6,000 EUR 9.50 Hepsor AS bond
25-2028 with a nominal value of 1,000 euros, maturing on 26 November 2028 and
carrying a fixed annual interest rate of 9.50% payable quarterly (the first
interest payment will be made on 26 February 2026). In the event of
oversubscription, Hepsor had the right to increase the volume of the Offering by
up to 2,000 bonds. The Offering was directed at retail and institutional
investors in Estonia, Latvia and Lithuania.
A total of 1,079 investors participated in the Offering, subscribing for bonds
in the total amount of 8.5 million euros of which 6.2 million euros, or 72.8%,
in Estonia; 2.1 million euros, or 24.6%, in Latvia; and 0.2 million euros, or
2.6%, in Lithuania. Therefore, the base volume of the first series of the
Offering in the amount of 6 million euros was oversubscribed by 1.4 times.
Hepsor exercised its right to increase the volume of the Offering by 2,000
bonds, as a result of which the total volume of the Offering increased to 8
million euros.
The management board of Hepsor AS decided on the allocation of the offered bonds
at its discretion, based inter alia on the following principles:
1. All subscription orders made by the same subscriber were aggregated.
2. In the allocation, preference was given to Hepsor AS shareholders who, as of
the close of business day on 11 November 2025, were Hepsor AS shareholders.
In addition, preference was given to employees of Hepsor and to
institutional investors. These investors were allocated 100% of the amount
they subscribed for, and in total these investors accounted for 14% of all
allocated bonds.
3. All other investors were allocated 87.5% of the amount they subscribed for,
but not less than 10 bonds.
4. Numbers of bonds with decimal places were rounded up to the nearest whole
number.
Martti Krass, Member of the Board of Hepsor: "I would like to thank all
investors who trust our vision and support our growth objectives. Your trust
enables us to continue pursuing ambitious goals and creating long-term value
through our real estate development projects."
According to Silver Kalmus, Head of the Bond Division at LHV Bank, the issuance
reflected strong investor confidence in Hepsor: "During the investor roadshow,
there was a clear sense of trust in the listed company Hepsor - this is
confirmed by the circle of more than one thousand investors who decided to
invest in Hepsor's bonds. I am especially pleased to see the activity of Latvian
investors, who subscribed for more than two million euros worth of Hepsor bonds.
At the investor meetings in Latvia, we were left with a positive impression that
local investors and potential homebuyers welcome Hepsor as a developer of high-
quality homes in Riga. I believe there is significant potential in Latvia in the
context of upcoming series under the programme, as well as continued investor
interest in Hepsor's bonds," Kalmus commented.
The bonds will be transferred to investors' securities accounts on November
26, 2025 or on a date close to it, and, the first trading day of the bonds on
the Nasdaq Tallinn Stock Exchange Baltic Bond List will be 27 November 2025 or a
date close to it.
Estonian resident individuals who have acquired or plan to acquire Hepsor bonds
through an investment account may, in accordance with the Income Tax Act, defer
the income tax liability on interest and receive the full interest on the bonds
in their investment account. To do so, a corresponding application must be
submitted to the issuer.
The application form is available on the Hepsor AS website:
https://hepsor.ee/investorile/volakirjad/
The application must be submitted only once and no later than two business days
before the interest payment date. Applications submitted later will be taken
into account only for the next interest payment date. Hepsor bond interest
payments are made quarterly on 26 February, 26 May, 26 August, and 26 November.
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: [email protected]
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hQHFDQ9-DQc31d_xumJdBFX0xuk0zLk5aot6itZDz0vhJv7aXCvbtR)) is a developer of
residential and commercial real estate. The Group operates in Estonia, Latvia,
and Canada. In fourteen years of operation, we have created 2,003 homes and
nearly 44,787 m(2) of commercial space. Hepsor is the first developer in the
Baltic states to implement a number of innovative engineering solutions that
make the buildings it constructs more energy efficient, and thus more
environmentally friendly. The company's portfolio includes 25 development
projects with a total area of 178,200 m(2). In addition, the group is active in
five projects in Canada, where the main activity is the preparation of detailed
spatial plans for land, thereby achieving greater building rights.
Important information
This notice is an advertisement for securities within the meaning of Regulation
2017/1129/EU of the European Parliament and of the Council of 14 June 2017. Each
investor must make an investment decision solely on the basis of the information
contained in the Prospectus, its summary, the terms and conditions of the bond,
and the final terms and conditions. The approval of the Prospectus by the
Financial Supervision and Resolution Authority shall not be regarded as an
endorsement of Hepsor's bonds.
The information contained in this notice is not intended to be published, shared
or transmitted, in whole or in part, directly or indirectly, in countries or
under circumstances in which publication, distribution, or transmission would be
unlawful, or to persons subject to financial sanctions by competent
authorities. Hepsor's bonds are only being offered publicly in Estonia, Latvia,
and Lithuania, and no sale or offer of bonds takes place in any jurisdiction
where such an offer, solicitation, or sale would be illegal without a statutory
exemption or qualification, or to persons subject to financial sanctions by
competent authorities. The bonds are only being offered publicly on the basis of
the Prospectus, its summary, the terms and conditions of the bonds and the final
terms and conditions, and the Offer is only directed to the persons to whom the
Prospectus is addressed. This notice has not been endorsed by any supervisory
authority and is not a prospectus.