Sorainen Belarus has advised Eurotorg LLC, Belarus' largest food retailer, on a USD 350 million bond issue for a 5-year term with an annual coupon rate of 8.75% maturing on October 30, 2022.
The bonds were issued by, and with limited recourse to, Bonitron Designated Activity Company, for the sole purpose of financing a loan to Eurotorg LLC. The bond issue is the first ever Eurobond placement by a Belarusian corporate issuer. Rating agency Fitch has assigned a B-rating to Eurotorg, citing its “strong business profile, underpinned by the company's unrivaled position in the Belarusian food retail market, limited entry threat from international chains, solid profitability, and some growth opportunities arising from low penetration of modern retail in the country."
Sorainen acted as Belarusian law counsel to Eurotorg, including Belarusian aspects of transaction structuring, transaction documentation. and legal due diligence. The firm's team was led by Partner Kiryl Apanasevich.
