The notes were subscribed by institutional investors represented from the Baltic states, Scandinavia, as well as 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 team included partner Vidmantas Drizga, associate partner Mantas Gofmanas, senior associate Karolina Lapinskaitė, and legal assistant Kotryna Visockytė who advised Maxima Grupė in connection with the structuring of the Commercial Paper Programme.
Luminor bank acted as the sole arranger and bookrunner of the offering.