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Eversheds Sutherland Bitans Advises Citadele on EUR 25 Million Second Unsecured Subordinated Bonds Program

Eversheds Sutherland Bitans Advises Citadele on EUR 25 Million Second Unsecured Subordinated Bonds Program

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Eversheds Sutherland Bitans has advised AS Citadele Banka on its EUR 25 million Second Unsecured Subordinated Bonds Program and on a public offering of a first series of subordinated bonds issued under the program with a total nominal value of EUR 20 million and subsequent listing on the Baltic Bond list of Nasdaq Riga Stock Exchange.

Citadele Banka is a Latvian bank with a presence across the Baltics and Switzerland. According to Eversheds Sutherland Bitans, "in terms of actual shareholdings, 75% plus one share belongs to a group of international investors represented by the investment company Ripplewood Advisors LLC, while the remaining shares belong to the EBRD."

In addition, according to Eversheds Sutherland Bitans, "the 10-year bonds, with a coupon rate of 5.5% payable semi-annually, were issued to strengthen Citadele Group's overall capital position and to refinance the current subordinated debt outstanding to the European Bank for Reconstruction and Development (EBRD)." The firm reports that, "as with Citadele's EUR 40,000,000 First Unsecured Subordinated Bonds Program, completed last year [as reported by CEE Legal Matters on January 9, 2017 http://ceelegalmatters.com/latvia/5604-eversheds-advises-citadele-bank-on-corporate-bond-issuance], we provided full-scope legal support: from preparing the issuer for the public offering (drafting the prospectus and principal documents, advising on regulatory and jurisdictional matters, managing the issuer's legal relationship with stakeholders, including Latvia’s Financial and Capital Market Commission, Nasdaq Riga and Nasdaq CSD) to its post-listing commitment management."

The firm's team was led by Partner Edijs Poga.

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