TGS Baltic advises on iCotton’s EUR 20 Million secured bond issue with Signet Bank.

09.01.2024 TGS Baltic advises on iCotton’s EUR 20 Million secured bond issue with Signet Bank.

TGS Baltic advises iCotton, a prominent Baltic hygiene products manufacturer, in its issue of EUR 20 Million secured bonds in collaboration with Signet Bank. The bonds, offered in a private placement, are anticipated to be listed on the Nasdaq Riga First North alternative market in the near future.

The proceeds from this bond issue will be utilized by iCotton Group to refinance its bank liabilities in Latvia and Poland. The refinancing of bank loans that have amortization schedules with bonds, that are repayable at maturity, enables the group to obtain additional working capital financing to further expand its business without increasing its total liabilities.

The bond issuance attracts substantial interest from the investment community, with over 70 private and institutional investors participating, a majority of them hailing from the Baltic States.

iCotton, established in 2011, is a hygiene products manufacturer in the Baltics and Polish market. The company manufactures and markets a diverse range of products, including cotton pads, cotton buds, wet and dry wipes, absorbent pads, and feminine hygiene products under both proprietary and private labels. Key brands include Cleanic (beauty and hygiene products), Presto (household products), and Kindii (baby hygiene products).

TGS Baltic is honored to have assisted in the success of this significant bond issuance in the market.

The client was advised and supported by TGS Baltic partner Inese Hazenfusa and associate Mārtiņš Galzons.

 

TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 150 lawyers across the Baltics.http://tgsbaltic.com/