Photo by David Rajecky (Scanpix).
The real estate company “Metanira” is preparing a public offering of bonds, in which up to 7 mln. Eur will seek to borrow at 10% annual interest.
The company’s public offering of bonds up to 7 mln. In the first part of EUR, they will seek to borrow up to EUR 6.055 million from investors in Lithuania and Latvia. Eur.
Investors are offered fixed 10% annual interest, paid semi-annually, for a loan of 1 year and 5 months, as the redemption of the bonds is scheduled for 2025. September 5
Bonds with a nominal value of EUR 1,000 are offered at a price of EUR 1,013.6111, so the real yield for investors will be slightly less than 10%.
The issuer has the right to redeem the bonds early, but not earlier than after 12 months.
The funds raised in the public offering of housing project developer Metanira will be used to acquire and develop a housing project in Spain. The Issuer will lend the funds borrowed through the bonds to the project company “JEPRI HAUS, SL” established in Spain under its control, which will purchase and develop a housing project in the Spanish city of Gandia, in the Valencia region.
The project company, according to the issue documents, for 8.75 mln. Eur will acquire a 95% completed 2-apartment 8-story complex of 61 apartments, commercial premises and 202 underground parking spaces and garages and a plot. Next, it is planned to complete the construction of the project within 14 months for a maximum of 1.3 million. Eur.
“The Spanish project company is expected to sell most of the apartments in the project before the bonds are redeemed,” according to the bond documents, which value the completed project at $13.5 million to $14 million. Eur.
Investors are offered a pledge of the issuer’s bank account, receivables, shares of the issuer and a first-order pledge of the shares of the project company in Spain as collateral.
The shareholders of UAB “Metanira” are a little more than 29% each: UAB “Asgaard Orlens”, controlled by the family of Danish businessman Niels Pretzmann, asset management company UAB “RJ Ventures”, controlled by Rytis Jakaitis and Justina Milaknytė, UAB “IN Group”, controlled by Jordan and Victoria Kenstavičius.
12.47% of the issuer’s shares belong to Merula Property Equities Investment Fund UAB, which is managed by Atelier Investment Management UAB.
The public offering of UAB “Metanira” bonds will take place until April 19. The main distributor of bonds is Šiaulių bankas.
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