Brokerage group Admiral Markets AS said that it had accepted all 4,999 Tier 2 bonds tendered by 99 investors as part of its voluntary buyback offer, according to a company notice.
The repurchase price was set at EUR 103.21 per bond, made up of EUR 100 in principal, a EUR 1 bonus and EUR 2.21 in accrued interest. Settlement is expected on Wednesday.
The company had offered to buy back up to 13,535 of the subordinated bonds it issued in December 2017. The securities carry an 8% annual coupon and mature in December 2027. Because the total tendered was well below the cap, every valid order was accepted in full with no scale-back.
Licence withdrawal and restructuring
The buyback is tied to a broader corporate restructuring. Admiral Markets AS is planning to relinquish its Estonian investment firm licence, with revocation expected in the second quarter of 2026, according to the earlier offer notice on Nasdaq.
Admiral is reducing debt at the Estonian entity before a wider group restructuring. Any bonds not redeemed are expected to transfer to Admirals Group AS as part of a planned merger and will continue to be serviced under the existing bond terms until maturity.
The company said it had received interest from investors who were unable to participate in the current round and that it would consider further buyback options.
Admiral said it will remain headquartered in Tallinn with around 60 employees.
