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CEELM Comparative Legal Guide: Corporate Governance 2023

Tus & Andrijanic Advises JGL on Croatian Bond Issuance

Tus & Andrijanic Advises JGL on Croatian Bond Issuance

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Tus & Andrijanic advised JGL d.d. on its HRK 130 million issuance of corporate bonds in December, 2019. The agent for the issue was Privredna Banka Zagreb d.d.

The new bonds, which will mature in 2024, come with a fixed annual interest rate of 1.75%, which JGL describes as "significantly lower than the interest rate for existing bonds that mature in 2020, which is 5.8125%."

According to JGL, "this is the lowest interest rate for corporate bonds outside the financial sector in the history of the Croatian capital market. Holders of the existing bonds were offered the option to replace them with the new issue. Most of them accepted and sold 63.32% of old bonds for a total of HRK 83.2 million."

The order book was open for just under three days, during which time HRK 130 million was offered and issued. The bonds were listed on the Official market of the Zagrebacka Burza d.d. stock exchange.

The Tus & Andrijanic team was led by Partner Tomislav Tus.

Croatian Knowledge Partner

Čipčić-Bragadin Mesić & Associates is one of the leading law firms in Croatia that serve companies, credit & financial institutions and public entities. We have been recommended and recognized as the legal experts and service leaders by many leading international legal guides for more than 15 consecutive years. With roots dating from 1928. we now probably have more tradition, experience and market presence than almost any other law firm in Croatia. We work closely with the leading international law firms and consultants so we’re able to manage complex, cross-border projects and deals seamlessly and successfully. Around 85% of our clients are international enterprises doing business in Croatia. List of our clients include some of the world-renowned companies such as Amazon Europe Core, China Machinery Engineering Corporation, Tate & Lyle, Nafta a.s., Unilever Croatia, Unilever Hungary, Lenovo, Innoenergy CE, Flixmobility, Flixbus CEE South, Okoenergie Group, CTC Holding, Bunge Limited, Chipita, Rolls-Royce, Canvas Holidays, Vacalianselect, Redgate Software, Red gate Investment, Yahoo!, Aston Martin Lagonda, Domino Printing UK, Domino Printing Sciences, Goldman Sachs, Deutsche Bank, Barclays Bank, HSBC, State Street Bank, Citigroup Global Markets, Credit Suisse, Bank of America Merill Lynch, Standard Chartered, Och-Ziff Capital Management, Amundi Asset Management, Altima International, Red Arc Global Investments, SMBC Nikko Capital Partners, Royal Bank of Scotland, Morgan Stanley International, J.P. Morgan group, Allianz Global Investors, Schroders, Macquarie Bank, Digital Finance International, Winton Capital Management, Citibank, Invesco Asset Management Österreich, Croatian Pension Investment Company, Unicredit Bank AG etc. We enjoy learning about our clients’ businesses and want to understand them completely so we can provide the best possible and complete service.

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