Estonia, Financial Services, Investments

The notes will be admitted on First North market by Nasdaq Tallinn, and will commence trading on May 4, 2015.

"Finora Capital is a great example of a young, ambitious smaller company that is taking advantage of the benefits that being on the public market provides. We are delighted to welcome them to the First North Bond Market which we have just introduced in the Baltics to diversify financing opportunities for smaller companies," said Rauno Klettenberg, Head of Nasdaq Tallinn.

The first tranche of bonds admitted to trading is EUR 660,000. The aim of the company is to size up the total issue up to 5 million euros in the future. The proceeds will be used to finance expansion of the company’s loan portfolio in Estonia. The term is 3 years, maturing on March 15, 2018. The bonds are secured against pledges on a range of company assets and carry an annual coupon of 9.75 per cent paid quarterly.

"Financing companies with short operating track-records do not have a lot of opportunities to quickly increase their credibility. Getting the approval from Nasdaq, a leading international exchange operator, to admit our securities to trading on First North is one of those ways," said Andrus Alber, CEO of Finora Capital. "We want to be a pioneer in operating transparently in the consumer credit sector in Estonia and hope that it will be valued by our cooperation partners and future clients and investors."

OÜ Finora Capital is an Estonian capital based company that was launched in July 2014 when the company started with offering one product – mortgage backed loans – to its customers in Estonia. Its next products, hire-purchase for private customers and factoring for SMEs were introduced in the end of 2014 and in the beginning of 2015 respectively.