Eesti Energia offered 100,000 bonds in its public offering, each with a nominal value of €100, making the total base issue volume €10 million. Since the company had the right to increase the offering up to 500,000 bonds in case of oversubscription, it exercised that option, raising the total issuance volume to €50 million.

The total demand for the public offering reached €94.4 million. A total of 4,715 retail investors participated, subscribing for bonds worth €71 million. As a result, the base volume of €10 million was oversubscribed by approximately nine times.

The bond offering was open to all Estonian retail investors, with Eesti Energia reserving the right to give preference to Enefit Green shareholders during allocation. Enefit Green shareholders were allocated bonds worth €29.6 million — 81 percent of the total they subscribed for. Other retail investors received an allocation worth €20.4 million, or 59 percent of their total subscriptions.

The bonds are scheduled to be transferred to investors' securities accounts on June 4, with their first trading day on Nasdaq Tallinn's Baltic Bond List set for June 5. The bonds carry a fixed annual interest rate of 5 percent, with interest paid quarterly — on March 4, June 4, September 4 and December 4. The first interest payment will be made on September 4. Upon maturity on June 4, 2028, Eesti Energia will repay the nominal value of each bond to its holders.

Mihkel Torim, head of investment banking at LHV Bank, noted that despite the offering being limited to Estonian retail investors, it set several records.

"Eesti Energia's offering became the largest bond issue in the Baltics targeted exclusively at retail investors. It also marked the largest-ever demand from retail investors for a non-subordinated bond issue in the region," he said.

The public bond offering followed Eesti Energia's recently announced plan to bring Enefit Green, its listed subsidiary, back under full group ownership. To that end, a voluntary takeover bid was carried out, totaling approximately €180 million, through which Eesti Energia acquired a 97.2 percent stake in Enefit Green. The company is now proceeding with the acquisition of the remaining shares through a mandatory squeeze-out with financial compensation.

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