“Civinity” successfully placed a public bond issue worth EUR 10.35 million
2025.07.18
One of the largest building maintenance service providers and engineering and technology solution developers in the Baltics, the “Civinity” group, has completed the placement of the first tranche of its bond program of up to EUR 50 million, raising EUR 10.35 million from investors at a 10% annual interest rate.
Deividas Jacka, chairman of the board of “Civinity,” considers the first stage of the bond program a success:
“With this issue, we have raised the largest amount of investment in Civinity’s history – this is an important sign that we are moving in the right direction. It is especially gratifying to see that investors across the Baltics recognize and value us – the bonds received demand not only in Lithuania but also in Latvia and Estonia,” says D. Jacka.
Previously, the company had raised EUR 8 million each in 2021 and 2023 through public bond issues. Those newly issued bonds were listed on the alternative market “First North” administered by Nasdaq Vilnius. This time, the bonds will be listed on the regulated market list of Nasdaq Baltic.
The four-year debt securities were offered to private and institutional investors at a 10% annual interest rate. The nominal value of one bond is EUR 1,000, with a minimum investment amount of EUR 100,000.
Commenting on the latest bond issue, the chairman of the board highlights key insights that will be useful in preparing for the second placement phase:
“During the first offering, we received a number of responses from private investors regarding the minimum investment amount being too high. We plan to take this into account and are already taking all necessary steps to prepare for the placement of the next tranches of the issue,” says D. Jacka.
The newly raised funds will primarily be used to refinance the EUR 8 million bond issue from 2023. The remaining amount, along with funds to be raised during future stages of this bond program, will be used to finance acquisition transactions.
“In the first stage, our goal was to refinance the previous bond issue – we have achieved and exceeded this goal by raising an additional EUR 2.35 million. Furthermore, some investors took the opportunity to exchange their existing bonds for the new ones. In the second stage, we will again invite investors to join our securities program, and the funds raised will be directed toward acquisitions. We hope to disclose more information about the targets during this phase,” comments D. Jacka.
The next bond issue placement is planned for this autumn.
The bonds were placed by Luminor Bank AS Lithuanian branch. Legal services related to the transaction documentation were provided by the law firm TEGOS.
“In the first stage of the program, we not only raised the necessary amount of investment but also received important indications about the changing structure of the capital market and investor needs. After implementing some adjustments, in autumn we will again invite investors to contribute to the growth of Civinity Group, which has 20 years of experience,” comments Gediminas Norkūnas, Head of Debt Capital Markets at Luminor Bank.
About Civinity:
Civinity is an urban lifestyle company uniting businesses that provide building maintenance services and develop engineering and technology solutions in the Baltics and the United Kingdom. The group consists of over 30 companies employing more than 1,600 people. In 2024, Civinity generated revenue of EUR 88.5 million, with a Pro Forma EBITDA of EUR 7.4 million. More information can be found here.
About Luminor:
Luminor is the leading independent bank in the Baltic States and the third-largest provider of financial services in the region. The bank serves the financial needs of individuals, families, and businesses. Luminor aims to improve the financial health of its clients and home markets and to foster their growth. More information can be found here.