TGS Baltic advises Maxima Grupė on structuring the Commercial Paper Programme and the EUR 40 million issuance of notes under the programme – the very first transaction under such format in the Baltics

16.03.2021 TGS Baltic advises Maxima Grupė on structuring the Commercial Paper Programme and the EUR 40 million issuance of notes under the programme – the very first transaction under such format in the Baltics

TGS Baltic has successfully advised Maxima Grupė controlling the largest food retail group in the Baltics in structuring the Commercial Paper Programme and the issuance of EUR 40 million of notes under the programme.

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.