Ellex Raidla has assisted Luminor with the establishment of a European Medium Term Note program in the amount of EUR 3 billion.
On October 10, 2018 Luminor issued a EUR 350 million senior unsecured inaugural bond with a maturity of three years under the newly established European Medium Term Note (EMTN) Program. The bonds are listed on the Irish stock exchange.
The investors are from 14 countries across the Baltics and Europe. The bond carries a provisional senior unsecured Moody´s rating of Baa2 – lower medium grade rating.
According to Ellex, the scale of the investment proves that Luminor’s financial profile is strong and that Luminor as a credit institution is an intriguing investment case for both Baltic and international investors. The issuing of bonds will also have an overall positive effect on the Estonia and Baltic capital markets.
The Ellex team consisted of Partner Raino Paron, Senior Associate Helen Ratso, and Lawyer Kevin Gerretz.
Editor's Note: After this article was published Ellex Raidla informed CEE Legal Matters that it advised Luminor on Estonian law related matters related to its listing on the Irish Stock Exchange. The London offices of Allen & Overy and Clifford Chance advised Nordea Bank Abp, Citigroup Global Markets Limited, Goldman Sachs International, and J.P. Morgan Securities plc on the deal.