Public offering of real estate developer Liven green bonds

Ellex law firm in Estonia advised the residential real estate developer Liven AS on the public offering of green bonds.

The public offering of Liven bonds is the first public issuance of green bonds in Estonia.

With the public offering of bonds, Liven AS plans to finance the development of both new and ongoing projects and expand the company’s investor base.

“Liven only uses the income from green bonds to finance such developments where the buildings are designed and built as future-proof as possible and taking into account environmental impacts, and which therefore acquire the international LEED or BREEAM certificate or achieve greater energy efficiency than a nearly zero-energy building,” said Liven CEO Andero Laur.

As part of the issue, Liven offered up to 4,000 unsecured bonds with a fixed interest rate of 10.5% payable quarterly. Due to the oversubscription, Liven’s board decided to increase the volume of the offer by 2,200 bonds, or a total of 6,200 bonds, which increases the total volume of the issue to 6.2 million euros.

Liven AS was advised by Ellex team which included Partner Gerli Kivisoo, Senior Associate Kevin Gerretz and Lawyer Annabell Carina Katalsepp.