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Eversheds Advises Citadele Bank on Corporate Bond Issuance

Eversheds Advises Citadele Bank on Corporate Bond Issuance

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Eversheds Bitans has advised Latvia's AS Citadele Banka on the emission, public offering, and listing of subordinated bonds on the Nasdaq Baltic Bond List.

According to Eversheds Bitans, the firm "has provided a full scope of legal support, including drafting the base prospectus and other principal documents, providing Latvian law advice on regulatory and jurisdictional matters, taking care of the issuer’s legal relationship with its underwriter AS ABLV Bank, preparing the issuer for the listing and its post-listing obligations, and conducting meetings of the issuer’s shareholders, as well as managing the relations with AS Nasdaq Riga, Latvian Central Depositary, and the FCMC."

The size of Citadele Banka's bond issue is EUR 40 million. The nominal value of one bond is EUR 10,000. The annual interest rate is 6.25%, with interest payments made twice a year. Maturity date of the bond issue is December 6, 2026, and the issuer has the right to redeem the bonds after 5 years.

The share listing of Citadele Banka commenced on December 15, 2016. The bonds were acquired by more than 20 qualified investors across the three Baltic States.

Edijs Poga, Eversheds Bitans Partner and project leader, commented that, "we were delighted to work on this interesting and challenging project. The results of the favorable reception by market are consequential of the common teams’ professionalism — from the strategic management of the board to execution of each member of the project team. Coherence of the team is the key to further successful performance in the financial markets."

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