The company’s chief, Andri Avila said following the deal that there was more interest toward the bonds than initially expected. He was quoted as saying, “It shows that investors trust Eesti Energia and hold our business to be sustainable, despite the complicated market situation due to low energy prices.”

The bonds last eight years and will be used to buy back bonds that were due to expire between 2018 and 2020.

The coupon for the new bonds of the state owned energy company is 2.38%, and they will be available on the London stock exchange.

80 investors participated in the bond issue. 44% of them came from from Scandinavian and Baltic countries with Germany and Austria representing 20%, France 15%, United Kingdom 10% and Switzerland 4%.