TGS Baltic has advised Maxima Grupe, which controls the largest food retail group in the Baltics, on structuring a commercial paper program, and issuing EUR 40 million of notes under it. Luminor bank acted as the sole arranger and book-runner of the offering.
According to TGS Baltic, “the notes were subscribed by institutional investors representing the Baltic states, Scandinavia, [and] the United Kingdom and other European countries. Demand for the securities exceeded EUR 100 million, and the notes were placed at 0.618% yield. This is the first commercial paper transaction under such format in the Baltic region bringing brand new financing opportunities for corporate borrowers via debt capital markets. Commercial papers are short-term unsecured promissory notes issued by companies with a fixed-term maturity and used to address short-term liquidity or working capital needs.”
TGS Baltic’s team included Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas, Senior Associate Karolina Lapinskaite, and Legal Assistant Kotryna Visockyte.