TGS Baltic advised Lietuvos Energija in approving the bond programme upsized to EUR 1.5 billion and placing a EUR 300 million issue under the programme

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TGS Baltic advised UAB Lietuvos Energija in approving the medium term note programme, which has been upsized to EUR 1.5 billion, and issuing a EUR 300 million bond issue under the programme. Since 11 July 2018, the placed bonds have been admitted to trading on the Luxembourg Stock Exchange and AB Nasdaq Vilnius. It is one of the largest transactions of this kind in the Baltic States.

The bonds will bear interest at the rate of 1.875% per annum, they were placed at a 2.066% yield. S&P Global Ratings has assigned an issue rating of BBB+, which is the highest among the companies operating in the similar sector in the Baltics.

Banking groups BNP Paribas, J.P. Morgan and SEB bank acted as intermediaries for placement of the issue. In addition to TGS Baltic, in the transaction the company was also represented by Dentons UK and Middle East LLP, a global law firm.

TGS Baltic Partner Vidmantas Drizga, Associate Partners Ieva Dosinaitė and Paulius Zapolskis, Senior Associate Mantas Gofmanas and Associate Augustinas Razumas were advisors to the company in this process on the issues of Lithuanian law, who assisted in drafting the base prospectus of the programme, as well as other documents relating to the project, represented the company in AB Nasdaq Vilnius for admission of the bonds to trading on the regulated market.

Lietuvos Energija Group is one of the largest state-controlled groups of energy companies in the Baltic States. The main activities of the Group include power and heat generation, supply, electricity trading and distribution, natural gas trading and distribution, as well as servicing and development of the electricity sector.