The issue received great attention from investors – demand exceeded supply 8-fold. The notes were subscribed with 0.045 percent yield.
The international credit rating agency Fitch Ratings gave A rating for the entire EUR 400 million note program. It is the highest rating granted to a state-owned company and it is the first time that the credibility of borrowing of a public sector company in Lithuania is equated to that of the State.
The notes will be listed on Nasdaq Vilnius stock exchange; they can also participate in the monetary policy operations of the European Central Bank.
On all matters in connection with the approval of the program, obtaining the state guarantee and the issuance of the note issue under the program and its admission to trading on Nasdaq Vilnius, Valstybės investicinis kapitalas was advised by TGS Baltic Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas, Senior Associate Karolina Lapinskaitė and Junior Associate Kotryna Visockytė.
The funds raised by Valstybės investicinis kapitalas will be invested in the Aid for Business Fund controlled by Valstybės investicijų valdymo agentūra (VIVA), on a phased basis, as required.
VIVA is a company formed on the initiative of the Bank of Lithuania which is responsible for the Aid for Business Fund, the main aim of which is to help medium-sized and big companies in Lithuania that faced challenges caused by COVID-19. The fund invests in companies using different financing instruments: loans, debt securities and hybrid instruments.