10
Wed, Aug
64 New Articles

Sorainen Advises Apollo Global Management on Bond Issuance and Credit Facility

Sorainen Advises Apollo Global Management on Bond Issuance and Credit Facility

Deals and Cases
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Sorainen, working with Paul, Weiss, Rifkind, Wharton & Garrison, has advised Apollo Global Management on a bond issuance.

The issued bonds comprise EUR 250 million floating rate sustainability-linked senior secured notes due in 2026, EUR 380 million 4.625% sustainability-linked senior secured notes due in 2026, as well as EUR 100 million senior secured revolving credit facility.

According to Sorainen, the proceeds of the debut bond issuance helped Apollo to fund the acquisition of the majority stake in Graanul Invest.

Graanul is a biomass and bioenergy producer, specializing in the production of wood pellets. Graanul operates 12 pellet production facilities in the Baltics and the US, as well as 6 combined heat and power plants in Estonia and Latvia.

"The transaction, completed on October 14, 2021, supports Graanul’s mission to provide sustainable biomass wood pellets as an environmentally friendly alternative to harmful fossil fuels," Sorainen announced. "The deal also supports Graanul’s work toward reaching European renewable energy targets and positions the company, headquartered in Tallinn, Estonia, for continued international growth as a bioenergy industry leader."

Earlier this year, Sorainen advised Apollo Global Management on its acquisition of a majority stake in Graanul Invest (as reported by CEE Legal Matters on August 19, 2021).

The Sorainen team was led by Estonia-based Counsel Jane Eespold and Senior Associate Monika Tomberg and included Partner Paul Kunnap, Counsels Kaido Kunnapas and Piibe Lehtsaar, Senior Associates Robin Teever, Britta Retel, and Kaspar Endrikson, Associates Mirjam Metsik and Liisa Maria Kuuskmaa, and Assistant Lawyers Jelizaveta Lazonen and Roberta Mark. Latvia-based Partner Rudolfs Engelis and Counsels Santa Rubina and Aija Lasmane also advised on the matter.

Sorainen was unable to disclose further information on the deal.

Our Latest Issue