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TGS Baltic Advises Maxima Grupe on Commercial Paper Program Structuring and EUR 40 Million Issuance of Notes

TGS Baltic Advises Maxima Grupe on Commercial Paper Program Structuring and EUR 40 Million Issuance of Notes

Lithuania
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TGS Baltic has advised Maxima Grupe, which controls the largest food retail group in the Baltics, on structuring a commercial paper program, and issuing EUR 40 million of notes under it. Luminor bank acted as the sole arranger and book-runner of the offering.

According to TGS Baltic, “the notes were subscribed by institutional investors representing the Baltic states, Scandinavia, [and] the United Kingdom and other European countries. Demand for the securities exceeded EUR 100 million, and the notes were placed at 0.618% yield. This is the first commercial paper transaction under such format in the Baltic region bringing brand new financing opportunities for corporate borrowers via debt capital markets. Commercial papers are short-term unsecured promissory notes issued by companies with a fixed-term maturity and used to address short-term liquidity or working capital needs.”

TGS Baltic’s team included Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas, Senior Associate Karolina Lapinskaite, and Legal Assistant Kotryna Visockyte.

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