Lithuanian-owned media and digital business group 15min Grupė (15min Group) is launching a 15-million-euro bond offering with an annual interest rate of 9.8 percent.
The bonds will be available to both retail and institutional investors in Lithuania, Latvia, and Estonia, the group said in a press release on Wednesday.
The issue consists of 15,000 bonds, each with a nominal value of 1,000 euros.
15min Group says this marks the first time in the Baltic markets that a media company has publicly offered a bond issue of this size and the first time that a Lithuanian-owned media business has done so.
The 15min Group’s bond offering will open on October 10 and close at noon on October 24.
The issue will offer quarterly interest payments and will mature in two years, on October 28, 2026. The company aims to raise 15 million euros during this period.
The offering is managed by Šiaulių Bankas.
15min Group also plans to apply to Nasdaq Vilnius for the bonds to be listed on the First North alternative market.
The bonds will be secured by pledging shares of the group’s companies, including M-1, Radio Station Ultra Vires, and Radio Station Laluna.
The funds raised from investors will be used to refinance the acquisition of M-1 Group’s radio stations and to further invest in the development of digital media.
15min Group owns the 15min.lt news website, the radio stations M-1, M-1 Plius, Lietus, M-1 Dance, and Laluna, the magazines Žmonės, Ji, and Legendos, and the Baltic News Service (BNS). It is also planning to acquire the advertising agency Reklamos Ekspertai.
15min Group is owned by 4 Bees, a holding company whose shareholders are Tomas Balžekas (59 percent), Martynas Basokas (24 percent), Gabrielė Burbienė (10 percent), and Tomas Bindokas (7 percent).
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