Sorainen Estonia has advised Estonian electricity and gas transmission system operator Elering on in its EUR 225 million Eurobond issue. The bond matures in 2023, pays an annual coupon of 0.875%, and will be listed on the London Stock Exchange.
The proceeds will be used to refinance the existing Eurobonds, which mature in July this year.
"This is the lowest fixed coupon achieved by a euro-denominated corporate issuance in the CEE region in the last 15 years," said Taavi Veskimagi, Chairman of Elering's Management Board. "A successful bond issue provides certainty that Elering will not need to refinance its debt over the next five years. This will allow us to focus on future major investments, such as Balticconnector and the third electricity connection between Estonia and Latvia."
Sorainen was engaged as Estonian legal advisor to Elering. The firm's team was led by Partner Reimo Hammerberg and Senior Associate Katlin Hein.
