Civinity is preparing to issue a new public bond offering worth up to EUR 50 million

Civinity is preparing to issue a new public bond offering worth up to EUR 50 million

One of the largest building maintenance service providers and developers of engineering and technological solutions in the Baltic States, Civinity is preparing to issue a new public bond offering worth up to EUR 50 million. The company has signed an agreement with Luminor Bank to organize the issuance, and the Bank of Lithuania has approved the bond prospectus.

The Civinity bond prospectus approved on June 3 by the Bank of Lithuania outlines a public bond issue with a maturity of up to 5 years and a total value of up to EUR 50 million, to be issued in tranches. The minimum investment is expected to be EUR 100,000.

Luminor Bank has been selected as the sole lead manager and distributor of the issuance. According to Civinity CEO Virgeda Jackaitė, meetings with investors in Lithuania, Latvia, and Estonia are planned in the near future. The final bond terms will be determined based on investor demand.

The funds raised will be used to finance acquisitions and to refinance the 2023 bond issuance.

“Over the past decade, Civinity has grown more than tenfold – from EUR 8 million in 2014 to EUR 88 million in 2024. This growth has been partly driven by successful acquisitions. We are continuing this strategy, planning expansion both organically and through acquisitions. Therefore, issuing new bonds is a natural step at this stage of growth,” – says CEO V. Jackaitė.

This will be Civinity’s third public bond offering. The first was issued in 2021, with the newly issued bonds listed on Nasdaq Vilnius’s alternative securities market First North. In 2023, Civinity borrowed EUR 8 million from private and institutional investors for a two-year term. Due to high demand, the company collected full subscription requests before the planned offering period ended.

“Civinity is a well-known brand in both Lithuania and Latvia. The group is growing rapidly by using diversified financing sources. We believe Civinity is now ready to raise capital by issuing listed bonds in a regulated market,” – says Gediminas Norkūnas, Head of Debt Capital Markets at Luminor Bank.