PRNEWS OÜ, the management company of the online service PRNEWS.IO, intends to issue convertible bonds worth $2.3 million via private placement through the Baltic Exchange.
The total amount of the issue is divided into convertible secured priority notes with a par value of $1,187. The proposed coupon rate is 12% per annum and the bonds mature in September 2022. The issue is secured by shares of the company at a cost of $17.8M and registered in Nasdaq CSD.
Founded in 2015 by Alexander Storozhuk, PRNEWS.IO is headquartered in Tallinn and provides secured placement of sponsored content in online media around the world. The company helps to increase awareness among potential partners and investors and boosts sales.
The company wants to spend the raised funds on further global expansion. Into account, they grew up from blogging services to a company with a renowned name and offices in Ukraine, Estonia, and Russia.
