CrossChem joins Baltic First North bond market

Nasdaq announced November 10 that bonds issued by CrossChem SIA, a Latvian producer and distributor of sustainable chemical products and special equipment that helps reduce environmental impact, have been admitted to trading on the Nasdaq Baltic First North Market with immediate effect.

CrossChem was established in 2007 and is the only audited and certified manufacturer of AdBlue (a liquid used to reduce emissions of nitrogen oxides (NOx) from diesel engines) in the Baltics since 2009. CrossChem's headquarters and plant with an integrated railway terminal are located in Latvia.

The size of the bond issue is EUR 3 million, and this is company’s first issue under the CrossChem’s bond issue programme of EUR 10 million. The bonds have a nominal value of EUR 1,000 each and an annual interest rate of 6.75% with coupon paid quarterly. They mature on November 4, 2024. Proceeds of the issue will be used to support the company’s development plan for 2021-2025 with four main directions: expanding the network of AdBlue® filling stations in the Baltics; developing and increasing marine supply in the Baltic region; developing new products and broadening the product portfolio; and increasing raw material supply.

“We are very proud of the work the Latvian CrossChem team has done over the past decade, which I’m sure is just the start,” said Ričards Andersons, the Founder and Chairman of the Board of CrossChem.

“We are delighted that CrossChem has chosen to list its first bond issue on the Nasdaq Baltic First North market and welcome the company to Nasdaq Riga as a new issuer,” said Daiga Auziņa-Melalksne, the CEO of Nasdaq Riga and Head of the Nasdaq Baltic Market.

First North is a multilateral trading facility (MTF) tailored to support growing ambitious companies that want to raise capital and get the visibility and credibility of being a public company.

Source: eng.lsm.lv