KRS successfully issues €6 million in bonds, trading begins on Nasdaq Baltic First North

KRS, one of Lithuania’s largest general construction contractors, has successfully issued €6 million in secured bonds with a maturity of 2.5 years. Trading in the bonds began on Nasdaq Baltic First North this week.

Eglė Neverbickienė, Associate Partner, and Aistė Noreikaitė, Legal Assistant at Ellex Lithuania, provided legal support to KRS throughout the process, including the preparation of documentation.

“For companies with substantial working capital needs, securing multiple sources of financing is essential. Corporate bonds are one such financial instrument, attracting growing interest across the Baltic states. The KRS transaction, finalised this week, also stands out for its use of a parallel debt mechanism, employed in international financing transactions, to structure the security for the bonds,” comments E. Neverbickienė.

The total amount of bonds placed across the Baltic countries is EUR 6 million, with a nominal value of EUR 1,000 per bond and an annual interest rate of 9.25%, payable semi-annually. The bonds will mature on April 12, 2029. The bonds placed represent the first tranche of KRS’s planned €12 million bond issue. The company plans to use the proceeds to increase working capital, develop general contracting projects, and refinance existing liabilities.

UAB KRS is one of Lithuania’s largest general construction contracting companies, delivering building, engineering network, and electrical infrastructure projects for both the public and private sectors. KRS is part of Inspiration Holdings, a group controlled by investor Paulius Grigas. The company currently manages a project portfolio worth more than EUR 300 million. Its largest ongoing projects include the infectious diseases facility and advanced therapy center at Santaros Klinikos, the construction of the administrative building for the management center of the Klaipėda State Seaport Authority, and the reconstruction of the interior spaces of Vilnius Airport terminals.

In 2025, KRS recorded revenue of €69.2 million, gross profit of €9 million and net profit of €2.1 million. In the first half of this year, the company’s revenue increased by 149% compared with the same period in 2025, reaching €54 million.

Photo by Kristina Petrikonytė