{"id":11267,"date":"2025-11-04T10:37:32","date_gmt":"2025-11-04T07:37:32","guid":{"rendered":"https:\/\/hepsor.ee\/volakirjaprogramm\/"},"modified":"2026-01-02T11:24:56","modified_gmt":"2026-01-02T08:24:56","slug":"bonds","status":"publish","type":"page","link":"https:\/\/hepsor.ee\/en\/for-investors\/bonds\/","title":{"rendered":"Bonds"},"content":{"rendered":"\n<div id=\"stock-header-block-block_047ee4ad9ae10482b8ce567ee54b1d88\" class=\"stock-header-block\">\n    <div class=\"container\">\n        <div class=\"row\">\n                            <div class=\"text_container\">\n                    <h1>The public offering of Hepsor bonds took place from November 12 to November 21, 2025.<\/h1>\n                <\/div>\n                        <div class=\"col col-12 image-wrap\">\n                            <\/div>\n\n                            <div class=\"text-wrap\">\n                    <p>The first EUR 6 million offering under Hepsor\u2019s EUR 20 million bond programme concluded successfully.<br \/>\nA total of 1,079 investors subscribed for EUR 8.5 million, resulting in the offering being oversubscribed 1.4 times.<br \/>\nHepsor exercised its right to increase the volume of the first series, bringing the final issue size to EUR 8 million.<\/p>\n<p>&nbsp;<\/p>\n                <\/div>\n            \n                    <\/div>\n    <\/div>\n<\/div>\n\n\n<div id=\"stock-info-block-block_06d139862637e9c6fd948f7fa896e9e5\" class=\"stock-info-block padding-top\">\n    <div class=\"container\">\n        <div class=\"row\">\n                            <div class=\"col col-12\">\n                    <h2 class=\"block-title\">Terms and conditions of offer<\/h2>\n                <\/div>\n                                        <ul>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Issuer:<\/span>\n                            <span class=\"col col-6 content\">Hepsor AS<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Security:<\/span>\n                            <span class=\"col col-6 content\">EUR 9.50 Hepsor AS bond 25\u20132028<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Type of security:<\/span>\n                            <span class=\"col col-6 content\">Unsecured and unsubordinated bond<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">ISIN:<\/span>\n                            <span class=\"col col-6 content\">EE0000002749<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Type of offering:<\/span>\n                            <span class=\"col col-6 content\">Public offering to retail and institutional investors in Estonia, Latvia, and Lithuania<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Issue volume:<\/span>\n                            <span class=\"col col-6 content\">6 million euros with the option to increase up to 8 million euros<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Price (nominal value) of one bond:<\/span>\n                            <span class=\"col col-6 content\">\u20ac1 000<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Subscription period:<\/span>\n                            <span class=\"col col-6 content\">12 November 2025, 10:00 \u2013 21 November 2025, 15:30<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Interest rate:<\/span>\n                            <span class=\"col col-6 content\">9,50% per year<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Interest payments:<\/span>\n                            <span class=\"col col-6 content\">Quarterly (26 February, 26 May, 26 August, and 26 November)<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Value date:<\/span>\n                            <span class=\"col col-6 content\">26 November 2025<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Maturity period:<\/span>\n                            <span class=\"col col-6 content\">26 November 2028<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Listed on: <\/span>\n                            <span class=\"col col-6 content\">Nasdaq Tallinn Stock Exchange, Baltic Bond List<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">First trading day:<\/span>\n                            <span class=\"col col-6 content\">27 November 2025 or a date close to it<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:355px\">Prospectus approved:<\/span>\n                            <span class=\"col col-6 content\">10 November 2025 by the Financial Supervision Authority<\/span>\n                        <\/li>\n                                    <\/ul>\n                    <\/div>\n            <\/div>\n<\/div>\n\n<div id=\"documents-block-block_c46c87ebafd28a2f80320bf33b326bd4\" class=\"documents-block\">\n    <div class=\"container\">\n                    <div class=\"row\">\n                <div class=\"col col-auto\">\n                    <h2>Documents<\/h2>\n                <\/div>\n            <\/div>\n        \n        <div class=\"files d-flex flex-wrap\">\n                                            <a href=\"https:\/\/hepsor.ee\/Hepsor_AS_Terms_and_Conditions_of_the_Bonds.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Terms and Conditions of the Bonds<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Final-Terms-I-series.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Final Terms (I series)<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Prospectus-2.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Prospectus-Summary-1.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus Summary<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/en\/for-investors\/stock\/reports-2\/\" class=\"btn blue d-inline-block\" target=\"_blank\">Reports<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Final-Terms-LT-I-series.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Final Terms (I series) (LT)<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Prospectus-Summary-LT.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus Summary (LT)<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Bond-issue-ENG-4.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Investor presentation<\/a>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n\n<div id=\"investor-video-block-block_3aa89b593ab18d79b1b47e957890d02e\" class=\"investor-video-block\">\n    <div class=\"container\">\n        \n            <\/div>\n<\/div>\n\n<div id=\"text-timeline-block-block_8281ed424f4070c567e0ec8bcf8a2a2c\" class=\"text-timeline-block\">\n    <div class=\"container\">\n                    <h2>A well-capitalised listed company<\/h2>\n        \n                    <div class=\"text-wrap\">\n                <p>In almost 15 years, Hepsor has grown from a residential property developer focused on the Estonian market to a modern listed company operating as a residential and commercial property developer in Estonia, Latvia, and Canada. The company has been listed on the Nasdaq Baltic Main List since 2011 and regularly publishes financial statements in accordance with IFRS standards.<\/p>\n            <\/div>\n        \n                    <div class=\"timeline d-flex flex-column flex-lg-row align-items-center align-items-lg-start\">\n                                                        <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2011                        <\/div>\n                        <div class=\"text\">\n                            Hepsor is founded                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2017                        <\/div>\n                        <div class=\"text\">\n                            expansion to Latvia                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100 bolder\">\n                        <div class=\"date\">\n                            2021                        <\/div>\n                        <div class=\"text\">\n                            listed on the Nasdaq Baltic Main List                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2023                        <\/div>\n                        <div class=\"text\">\n                            expansion to Canada                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100 bolder\">\n                        <div class=\"date\">\n                            2025                        <\/div>\n                        <div class=\"text\">\n                            launch of the bond programme                        <\/div>\n                    <\/div>\n\n                                                <\/div>\n        \n                    <div class=\"row columns\">\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-22.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Well-capitalised<\/h2>\n<p>Hepsor has a solid capital base: adjusted equity of \u20ac37.6 million and an adjusted equity-to-assets ratio of 46.6% ensure robust financial stability and protect the company against risks associated with both the market and individual projects.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-23.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Balanced debt<\/h2>\n<p>The company keeps its debt under control. A debt ratio of 55.7% shows a balanced leverage that allows for sustainable growth while maintaining a sufficient buffer to hedge risks and protect investors\u2019 interests.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-24.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Stable<br \/>\ncash flow<\/h2>\n<p>Financial security is based on 30 active development projects in three countries. A diverse portfolio ensures a stable and predictable cash flow to support day-to-day operations, new projects and timely debt service.<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n        \n                    <div class=\"statistics\">\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            38.4 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>consolidated <\/br>turnover <\/br>in 2024<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            2.1 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>consolidated net profit in 2024<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            385 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>potential return on development portfolio<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            88.8 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>total <\/br>assets 31.12.24<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/div>\n\n<div id=\"text-projects-block-block_51126caff35501784ae8be76569a3f85\" class=\"text-projects-block\">\n    <div class=\"container\">\n                    <h2>Diverse investment<\/h2>\n        \n                    <div class=\"text-wrap\">\n                <p>The capital raised will not be channelled towards the implementation of a specific project or for funding a specific market. The bond offers the opportunity to contribute to a diverse development portfolio that includes existing and new projects in domestic markets in Estonia and Latvia as well as in Canada. For investors, this translates into geographic and project-based diversification of risk, ensuring a more stable and balanced risk profile for their investments and the potential to benefit from growth in different markets.<\/p>\n            <\/div>\n        \n                    <div class=\"statistics d-flex flex-column\">\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <h3>Geographical diversification<\/h3>\n\n                        <div class=\"stats d-flex justify-content-center align-items-center align-items-lg-start\">\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-72.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        15                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Estonia <\/br>(80 000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-71.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        10                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Latvia <\/br>(98 000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-70.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        5                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Canada <\/br>(245\u00a0000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                    <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <h3>Portfolio diversification<\/h3>\n\n                        <div class=\"stats d-flex justify-content-center align-items-center align-items-lg-start\">\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-17.svg\" width=\"48\" height=\"53\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        178\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Total development volume <\/br>in home markets                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group.svg\" width=\"47\" height=\"51\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        95\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Residential developments <\/br>portfolio                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Fill-3.svg\" width=\"50\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        83\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Business premises <\/br>development portfolio                                    <\/div>\n                                <\/div>\n                                                    <\/div>\n                    <\/div>\n                            <\/div>\n        \n                    <div class=\"projects-wrap d-flex flex-column\">\n                                    <h3>Selected Hepsor projects<\/h3>\n                \n                <div class=\"projects\">\n                                                                                                <a href=\"https:\/\/hepsor.ee\/manufaktuur\/en\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-8.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Manufaktuuri Quarter<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/hepsor.ee\/paevalja\/en\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Paevalja-VK.png\" width=\"1750\" height=\"1344\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Paev\u00e4lja Quarter<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/p113tervisemaja.ee\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-8-2.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>P113 Tervisemaja (health centre)<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                                <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Starta-uus.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Nameja Rezidence<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                <a href=\"https:\/\/hepsor.lv\/veidamakvartals\/?lang=en\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-16.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Veidama Quarter<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/dzresidence.lv\/en\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-15.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>360\u00b0 Dzelzavas Residences<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                                <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-20.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Isabella<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                    <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-19.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Weston<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                    <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-21.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>High Park<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                <\/div>\n    <\/div>\n<\/div>\n<\/div>\n\n<div id=\"faq-block-block_db6db5cdeffe009bebb30f5c3c5a8784\" class=\"faq-block\">\n    <div class=\"container\">\n                    <h2>Frequently asked questions<\/h2>\n        \n                    <div class=\"questions\">\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Why invest in Hepsor bonds?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Hepsor bonds offer investors the opportunity to invest in real estate in a diversified way. Unlike other issuers, Hepsor&#8217;s cash flow is based on a development portfolio that is diversified both in terms of geography and segment, covering residential and commercial real estate across multiple markets in Estonia, Latvia, and Canada, as well as projects at various stages of development. The capital raised is not tied to any one specific project, but rather to the entire development portfolio, which diversifies investor risk and mitigates turbulence arising from external factors. In addition, the bonds offer a transparent investment opportunity in a listed company with a strong market position and a focus on profitability and stable value growth.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Can bonds be traded on the exchange?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Yes, we plan to admit the bonds to trading on the Nasdaq Tallinn exchange bond list giving investors the opportunity to trade them on the secondary market.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Can I exit the investment before maturity?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Yes, we plan to admit the bonds to trading on the Nasdaq Tallinn exchange bond list, after which they will be tradable on the secondary market and you can exit the investment before maturity if you wish.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>How can I subscribe to the bonds?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Hepsor bonds can be subscribed to through Nasdaq account operators (list of banks available <a href=\"https:\/\/nasdaqcsd.com\/estonia\/en\/list-of-participants\/\">here<\/a>). The subscriber must have a Baltic securities account. To subscribe for bonds as a legal entity, you must have a valid LEI code in addition to a securities account.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>What is the minimum and maximum subscription amount?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>The minimum subscription amount is the nominal value of one bond, i.e. \u20ac1000. The maximum is the total volume of the issue, i.e. \u20ac6 million.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>What happens if the offer is over-subscribed?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>In the case of oversubscription, bonds will be allocated on the following basis: all investors will be treated equally under the same conditions, but depending on the number of investors and interest in the issue, Hepsor may set a minimum and maximum number of bonds to be allocated to individual investors. The company also has the right to apply different allocation principles to retail and institutional investors. The issuer may also give preference to the company&#8217;s existing shareholders, bondholders and employees over other investors. A minimum amount can be guaranteed to all investors. Some investors may receive fewer bonds than they requested.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>When will I know how many bonds I have been allocated?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Bond allocation results will be published no later than 24 November 2025, or on a nearby date. Investors will receive confirmation through their bank or platform.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>When do interest payments start?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Interest payments are made according to the schedule set out in the bond terms and conditions. The first payment will be made on 26 February 2026.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>How is bond interest taxed?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Taxation depends on the tax laws of your country of residence. We recommend consulting a financial adviser or your financial institution.<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n        \n                    <div class=\"people d-flex flex-column\">\n                                                        <div class=\"person\">\n                                                    <div class=\"image\">\n                                <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-6.png\" width=\"560\" height=\"560\" alt=\"\">\n                            <\/div>\n                        \n                                                    <div class=\"text\">\n                                <h4>Martti Krass<\/h4>\n<h5>Member of the Management Board<\/h5>\n<p><a href=\"mailto:martti@hepsor.ee\" target=\"_blank\" rel=\"noopener\" data-fpl-component=\"primitive\">martti@hepsor.ee<\/a><\/p>\n                            <\/div>\n                                            <\/div>\n                            <\/div>\n        \n                    <div class=\"text-wrap\">\n                <h3 data-start=\"144\" data-end=\"169\">Important Information<\/h3>\n<p data-start=\"171\" data-end=\"674\">This announcement constitutes a securities advertisement within the meaning of Regulation (EU) 2017\/1129 of the European Parliament and of the Council of 14 June 2017. Each investor must make any investment decision solely on the basis of the information contained in the Prospectus, its summary, the bond terms and conditions, and the final terms. The approval of the Prospectus by the Estonian Financial Supervision and Resolution Authority should not be construed as an endorsement of Hepsor\u2019s bonds.<\/p>\n<p data-start=\"676\" data-end=\"1039\">The information contained in this announcement is not intended for publication, distribution, or transmission, in whole or in part, directly or indirectly, in or into any country or under any circumstances where such publication, distribution, or transmission would be unlawful, or to any persons subject to financial sanctions imposed by competent authorities.<\/p>\n<p data-start=\"1041\" data-end=\"1586\">Hepsor\u2019s bonds are offered publicly only in Estonia, Latvia, and Lithuania. No offer or sale of the bonds is being made in any jurisdiction where such offer, solicitation, or sale would be unlawful without an applicable exemption or qualification, or to persons subject to financial sanctions imposed by competent authorities. The bonds are offered publicly only on the basis of the Prospectus, its summary, the bond terms and conditions, and the final terms, and the offering is addressed solely to persons to whom the Prospectus is directed.<\/p>\n<p data-start=\"1588\" data-end=\"1696\">This announcement has not been approved by any supervisory authority and does not constitute a prospectus.<\/p>\n            <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":4494,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"page-templates\/template-default-sidebar.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-11267","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bonds - Hepsor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hepsor.ee\/en\/for-investors\/bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bonds - 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