Magnetic MRO issued bonds in nominal value of €8 million

Magnetic MRO, a global provider of Total Technical Care for aircraft operators and lessors, issued bonds in total aggregate value of €8 million. The company has submitted an application to Nasdaq Tallinn Stock Exchange Listing & Supervisory Committee for listing the bonds on the multilateral trading facility First North. Capital raised with the bond issue will be used for acquiring a competitor operating in the same industry and further expanding Magnetic MRO’s business. Magnetic MRO has seen rapid growth fuelled by banks and private equity funds. Capital markets are seen as a strategical step to secure the funding of next milestones. Magnetic MRO arranged a non-public offering of bonds to Baltic institutional investors and private banking customers in December 2018. In primary offering, Magnetic MRO issued bonds in total nominal value of €8 million with option to increase the issue size to €15 million. Bonds will be redeemed on December 21st, 2021, and investors will receive annual interest of 8% in quarterly payments.