TGS Baltic's Vilnius office and Clifford Chance have advised Maxima Grupe, UAB on approval of EUR 1 billion medium-term note program and issuance of EUR 300 million of 5-year bonds. BNP Paribas, Deutsche Bank, and SEB Bankas acted as intermediaries, and were advised by Linklaters and Ellex Valiunas.
TGS Baltic claims this is the largest note issuance by a private equity company in the Baltic States. The subscribed notes will soon be admitted to trading on the Irish Euronext Dublin exchange and AB Nasdaq Vilnius.
The notes carry 3.25% annual interest, and they have been subscribed at 3.5% yield. Standard & Poor’s rated the issue BB+ with stable outlook. According to TGS Baltic, Maxima Grupe became the first private local capital company in the Baltic States and one of a few retailers in Central and Eastern Europe that received and published an international credit rating. According to a Maxima Grupa press release, this rating is the highest among retailers of comparable size in Europe.
The TGS Baltic team consisted of Partner Vidmantas Drizga, Senior Associate Mantas Gofmanas, and Associate Partner Ieva Dosinaite.
The team of Ellex in Lithuania consisted of Partner Joana Baublyte-Kulviete and Associate Partner Laurynas Narvydas.
Clifford Chance and Linklaters did not reply to our inquires about the deal.