We advised the InMedica medical clinic network on issuing bonds planned for listing on First North, an alternative securities market administered by Nasdaq Vilnius. We are also InMedica Certified Advisor on the First North market in Lithuania. InMedica is the first medical company in Lithuania to raise funds via a public bond issue. The main purpose is to finance new development projects and acquisitions of new clinics plus refinancing of debt.
Successful finish to first stage of bond issue
In total InMedica is seeking to borrow up to EUR 5 million over two years. The company has already finished the first stage of the bond issue, successfully placing EUR 3 million of bonds at an annual interest rate of 5.5% and a maturity date of 16 December 2021. According to the company, over 120 investors acquired bonds during the first stage. The second stage of the bond issue will take place on 13 March 2020.
Comments Laura Penikienė, general manager of InMedica: “Demand for the bonds exceeded our expectations – we planned to place a EUR 3 million bond issue during the first stage so we could not accept all the investor applications. We are pleased to have become the first medical sector company in Lithuania to opt for financing opportunities offered by alternative capital markets.”
One of the largest private medical centres in Lithuania
Today, InMedica operates a network of 19 clinics in cities across the country, providing family medicine, physicians, dental and other healthcare services. Registered clients numbering over 70 000 make InMedica one of the largest private medical centres in Lithuania with over 600 employees.
Our services and team
We advised the client on preparing the company description to ensure that it meets requirements and will continue to advise on preparing and filing an application to admit the bonds to trading on the First North bond market.
The client was advised by partner Augustas Klezys with senior associate Dalia Augaitė and associate Rimantas Bendorius.
Other bond issues we recently advised on:
- Avia Solutions Group issues USD 300 million bonds
- Latvian airline airBaltic issues 5-year 200 million bonds
- Real estate fund managed by Capitalica Asset Management enters First North market in Lithuania
- Baltic Horizon Fund completed EUR 10 million subsequent bond issue
- Lithuania borrows EUR 1.5 billion in foreign markets
- Baltic Mill issues EUR 3 million Eurobonds