Sorainen has helped JP Morgan and BNP Paribas organize a five-year bond issue with a total value of USD 300 million for Avia Solutions Group – a Lithuanian aviation services group ‒ at an annual interest rate of 7.875% and a maturity date of 2024. The bonds were issued in US dollars and distributed in the US and European markets. The Avia group was advised by TGS Baltic and Dentons.
According to Sorainen, “the bond proceeds will be used for further business development: purchase and rental of aircraft, purchase, and dismantling of aircraft engines, purchase of flight simulators.”
The Sorainen team included Partner Tomas Kontautas, Senior Associates Dalia Augaite and Rasa Mikutiene, and Associate Rimantas Bendorius.
The TGS Baltic team included Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas, and Junior Associate Goda Drasute.
Dentons's London-based team included Partners Cameron Half and Nick Hayday, Senior Associate Nicholas Yao, Associates Nicolo Ascione, Moeen Qayum, Emma Brown, Kal Masia, and Rachel Gibbs, and Trainee Shinae Lee.
Editor's Note: After this article was published CEE Legal Matters learned that Magnusson advised the Avia Solutions Group on Latvian and Estonian elements of the deal and that White & Case worked alongside Sorainen in advising joint lead managers JP Morgan and BNP Paribas.
Magnusson's team providing advice on Estonian matters included Senior Counsel Toomas Malberg, Lawyer Jaanus Magi, Senior Associate Mirjam Vosu, and Associates Mait Valberg, Ketlin Peterson, Hanna Esko, and Jekaterina Iljina. The firm's team on Latvian matters included Partner Matiss Rostoks, Attorney Gints Puskundzis, Senior Associate Anna Bogdanova, and Assistants Beatrise Bensone and Beate Buza.