Economia
Notice of the public offering of Hepsor AS bonds
Hepsor AS (registry code 12099216, address Järvevena tee 7b, 10112, Tallinn, Estonia; ) announces a bond programme ( ) in the total amount of EUR 20 million and a public offering (hereinafter ) of the first series of bonds under the Programme. As part of the offer, Hepsor will raise up to EUR 6 million, with the possibility of increasing the volume to EUR 8 million. The offer will be conducted on the basis of the main prospectus (hereinafter ) prepared by Hepsor and approved by the Estonian Financial Supervision Authority on 10 November 2025, and published on the websites of Hepsor and the Estonian Financial Supervision Authority on the date of this announcement. The Offer is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania.
Bonds are unsecured and unsubordinated. This means that they are not secured by any pledged assets or other collateral, and investors’ claims do not have priority over Hepsor’s other liabilities.
The proceeds from the offer will be used to refinance Hepsor’s existing EUR 6 million loan agreement with AS LHV Pank. In the event that Hepsor decides to increase the volume of the first series issue, the funds remaining from the refinancing will be directed towards the financing of real estate development projects in Hepsor’s development portfolio.
Further details of the offer are described in the Prospectus and in the summary of the Prospectus.
In order to subscribe to the bonds as part of the Offer, the investor must have a securities account with the account operator of the Nasdaq CSD SE Estonian branch or with a financial institution that is a member of Nasdaq Riga or Nasdaq Vilnius stock exchange.
An investor wishing to subscribe to the bonds must contact the account operator that manages the securities account of the respective investor or the relevant financial institution and submit a subscription order in the form below to mark the bonds during the offer period. By submitting a subscription order, the investor authorises the account operator or the relevant financial institution that manages the current account associated with the investor’s securities account to immediately block the total amount of the transaction in the investor’s current account until settlement is completed or the funds are released in accordance with the conditions set out in the Prospectus.
Hepsor requests that the operator of the Tallinn Stock Exchange list the bonds issued as part of the Offer in the Baltic Bond List. Although Hepsor makes every effort to ensure that its bonds are admitted to trading, Hepsor cannot guarantee the admission of its bonds to trading.
The prospectus and the summary of the Prospectus have been made public and are available in electronic form on Hepsor’s website at https://hepsor.ee/en/for-investors/bonds/ and on the Estonian Financial Supervision Authority’s website at https://www.fi.ee. The terms and conditions of Hepsor’s bonds have been made public and are available in electronic form on Hepsor’s website at https://hepsor.ee/Hepsor_AS_Terms_and_Conditions_of_the_Bonds.pdf
Hepsor invites all interested parties to an event presenting Hepsor and the Offer on 13 November 2025 at 16:00 at Manufaktuuri 3, Tallinn (registration: https://forms.gle/PnSLLbK7jPiLCA6a7), and on 14 November 2025 at 16:00, at Gustava Zemgala gatve 74, Riga (registration: https://forms.gle/aqJbLeq47BMVALs38).
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: martti@hepsor.ee
Attachments
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