On Thursday, 4 March 2026, the public bond offering (the Offering) of Volta SKAI OÜ (registry code 16359341, address Maakri tn 19/1, 10145, Tallinn, Estonia; Volta SKAI) closed. This was the third series under Volta SKAI’s €30 million bond programme, conducted on the basis of the base prospectus approved by the Financial Supervision Authority (FSA) on 8 December 2025, as supplemented by prospectus supplement no. 1 approved by the FSA on 23 February 2026.
Under the Offering, Volta SKAI offered up to 3,500 bonds named EUR 10.00 VOLTA SKAI SECURED BOND 25-2027 with a nominal value of €1,000, a maturity date of 1 October 2027, and a fixed interest rate of 10% per annum paid quarterly. In the event of oversubscription, Volta SKAI had the right to increase the issue size to up to €5 million. The Offering was directed at retail and institutional investors in Estonia, Latvia, and Lithuania.
The Offering attracted 895 investors who subscribed for bonds totalling €11.480 million. The base issue size of €3.5 million was oversubscribed 3.3 times. In light of strong investor demand, the management board of Volta SKAI decided to increase the issue size in accordance with the terms of the Offering to the maximum permitted amount of €5 million. Bonds were allocated to all investors who participated in the Offering. The breakdown of subscriptions by country was as follows: Estonia €8.6 million (75.1%), Lithuania €1.7 million (14.7%), and Latvia €1.2 million (10.2%).
In allocating the bonds, the management board of Volta SKAI decided to apply the following principles:
- Volta SKAI’s existing bondholders, investors who had previously invested in securities of Endover group projects, and investors who subscribed for at least €100,000 were allocated 50% of their requested amount;
- all other investors were treated equally and received 25% of their subscribed amount, but not less than 2 bonds;
- fractional bond numbers were rounded up to the nearest whole number.
The bonds will be credited to investors’ securities accounts on or around 11 March 2026, and the first trading day on the First North bond list of the Nasdaq Tallinn multilateral trading facility is 12 March 2026 or a date close thereto.
Estonian resident private individuals who have purchased or intend to purchase Volta SKAI bonds through an investment account may, in accordance with the Income Tax Act, defer the income tax liability arising from interest and receive bond interest in full to their investment account. To do so, a corresponding application must be submitted to the issuer.
The application form is available on the Volta SKAI website at https://investor.endover.ee/volta-skai. The application needs to be submitted only once, and no later than ten business days before the interest payment date; applications submitted later will be taken into account from the next interest payment date. Volta SKAI bond interest payments are made quarterly on 1 January, 1 April, 1 July, and 1 October.
