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Cobalt and TGS Baltic Advise on AirBaltic's EUR 340 Million Bond Issuance

Cobalt and TGS Baltic Advise on AirBaltic's EUR 340 Million Bond Issuance

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Cobalt, working with Dentons, has advised Latvian national airline AirBaltic on its EUR 340 million issuance of senior secured bonds with a maturity of 5.25 years to be listed on the Euronext Dublin stock exchange. TGS Baltic, working with Linklaters, advised joint global coordinators BNP Paribas, Citi, and JP Morgan, joint bookrunners Morgan Stanley and SEB, and co-managers LHV and Signet Bank.

According to Cobalt, "thus far, it is the largest corporate bond issue originating from Latvia [...] The successful issuance of this bond serves to refinance AirBaltic’s previously issued EUR 200 million in bonds."

Demand for the bond exceeded supply, with the final order book surpassing EUR 800 million, and a final allocation to more than 100 institutional investors from more than 20 countries across three continents.

The Cobalt team was led by Partner Edgars Lodzins and included Specialist Counsel Andrejs Lielkalns, Senior Associates Krisjanis Buss, Ivo Cimdins, and Agnese Gerharde, and Associates Maira Puzule and Toms Dreika.

The TGS Baltic team included Partners Inese Hazenfusa, Andra Rubene, and Dalia Augaite and Associates Evija Abele and Martins Galzons.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. 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 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

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