16
Wed, Oct
56 New Articles

Sorainen Lithuania Advises on Eurobonds Issuances

Sorainen Lithuania Advises on Eurobonds Issuances

Lithuania
Typography

Sorainen has assisted the Lithuanian Ministry of Finance in issuing ten-year and thirty–year Eurobonds and borrowing EUR 750 million and EUR 550 million respectively.

The ten-year EUR 750 million Eurobond will have the lowest coupon in the country’s history at 0.95%. The Eurobond was issued at a yield of 1.129% and an issue price equal to 98.316% of its face value. Settlement of the Eurobond will take place on May 26, 2017. The maturity date is May 26, 2027.

The thirty-year EUR 550 million Eurobond is the longest in Lithuania's history in terms of maturity. The bond has a 2.1% coupon. The Eurobond was issued at a yield of 2.188% and an issue price equal to 98.079% of its face value. Settlement of the Eurobond will take place on May 26, 2017, and its maturity date is May 26, 2047.

According to Lithuanian Finance Minister Vilius Sapoka, “the decision to borrow long term was based on the favorable situation in international markets and on our intention to fix low rates of interest. Debt management strategy allowed us to exploit the demand for long term investments. The long-term borrowing will allow us to distribute debt repayment flows evenly and use attractive conditions of financing for a longer time.”

The transaction was lead-managed by BNP Paribas and JP Morgan.

Sorainen Partner Tomas Kontautas and Associate Laura Matukaityte advised the Ministry of Finance on Lithuanian law-related issues.

Sorainen did not reply to our inquiry about counsel for the banks on the issuance.

Editor's Note: After this article was published Ellex Valiunas announced that it had advised lead managers BNP Paribas and J.P. Morgan on the EUR 1.3 billion Eurobonds issuance. The firm announced that, at 0.95%, the ten-year EUR 750 million Eurobond has the lowest coupon in Lithuania's history. and that the thirty-year EUR 550 million Eurobond with the 2.10 percent coupon mark is the longest duration to date for the country.

The Ellex Valiunas team consisted of Partner Joana Baublyte-Kulviete, Senior Associate Laurynas Narvydas, and Associate Simona Kisunaite.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

Our Latest Issue