Nortal issued bonds for 15 million euro to boost expansion

The 15 million euro bond issue of Nortal, the multinational strategic change and technology company, which was fully subscribed by institutional renowned investors, will support the rapid growth of the business and be used for refinancing the existing obligations. Bonds were issued with five-year maturity and 5% coupon rate, Nortal announced - writes baltic-course.


According to Priit Alamäe, founder and CEO of Nortal, the successful and fully subscribed bond issue by institutional renowned investors is a testament of trust. “We have been rapidly growing in recent years, with 2016 being the best year in the company’s history. It is great to see our financial results and the 2017 backlog has confirmed the confidence of institutional investors in the Baltics and Finland,” said Alamäe.

As a newcomer to the bond market, the company is looking to build trust with the investor community and show that we keep our promises, added Alamäe.

Nortal is an ambitious fast-growing company that has expanded to the United States, United Arab Emirates and Sweden within the last year. The capital raised with the bond issue will be used to finance expansion as well as refinancing the existing financial obligations.

“We are looking forward to bringing our offering of Strategy, Change and Technology to new markets in EMEA and expanding our footprint in the US as well as other markets where we already operate,” added Alamäe.

The issue with a bond face value of 100,000 euros with five-year maturity and 5% coupon rate will pay interest semi-annually.

In the bond issue, Evli Bank acted as a lead manager and Redgate Capital as a joint bookrunner.

In 2016, Nortal Group’s EBITDA increased 30%, exceeding 5.2 mln euros. The total consolidated revenue of the company in 2016 was 43.5 mln euros.

Last year Nortal Group shareholders bought back 50% of Group shares from Enterprise Investors, LHV Pension Funds and smaller shareholders, regaining full ownership of the company. Simultaneously, Nortal expanded its shareholder base among employees. In 2016, the company also acquired a leading B2B marketing technology and sales strategy company in Northern Europe – Element AB – expanding to Sweden in the process.

Nortal is a multinational strategic change and technology company. Combining the unique experience of transforming Estonia into a digital leader and creating change in businesses with a strategic approach and data-driven technology, our vision is to build a seamless society. Nortal operates in nearly 20 countries and employs over 550 specialists who carry out high-impact projects across Europe, Middle East, Africa and North America.

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