The annual fixed rate coupon on the notes up to the reset date will be 8.75 %. The nearest reset date is set after 5 years. Settlement will take place on 17 October 2024. It is intended to list the notes on the Global Exchange Market multilateral trading facility operated by Euronext Dublin.
The notes have been allocated to almost 20 institutional and professional investors, mostly from the UK.
According to Tomas Varenbergas, Board Member, Head of Investment Management Division of Šiaulių Bankas, this issue strengthens and optimises the bank's capital structure, allowing it to continue growing rapidly and sustainably and implementing a new dividend policy.
In this deal, TGS Baltic, together with Dentons LLP, acted as the issuer’s legal counsel. TGS team – Dalia Augaitė, Marijus Kriščiūnas, Loreta Antanaitienė, and Nortautas Zenevičius – advised Šiaulių Bankas on all legal matters, including taxation, regulation and distribution.