Cobalt has advised Rigas Udens on its EUR 20 million European Green Bond issuance and admission to trading on the Nasdaq Baltic Bond List with Signet Bank as the bond program arranger and dealer.
According to Cobalt, Rigas Udens is Latvia’s largest water supply and sewerage services provider. Rigas Udens is the first municipal company in Latvia to successfully raise funds on the capital markets, and the first company in Northern Europe to issue bonds in line with the European Green Bond Standard. The bonds, with a nominal value of EUR 100, carry a fixed annual coupon rate of 4%, paid quarterly, and a five-year maturity. The proceeds from the issuance will fund the renovation and expansion of the sewerage pipeline network and the modernization of the Daugavgriva wastewater treatment plant.
The Cobalt team included Partner Edgars Lodzins and Senior Associate Krisjanis Buss.
