Deals and cases

TGS Baltic assisted Šiaulių Bankas on the implementation of „SB Modernization Fund 2“ as securitisation vehicle

On March 21, 2024, the „SB Modernization Fund 2“ was established as a securitization vehicle and a subsidiary of Šiaulių Bankas to finance the renovation of multi-apartment buildings. UAB „SB Modernization Fund 2“ signed the financing agreements with the European Investment Bank (EIB), acting as Lithuanian national funds manager, Swedbank AB, the European Bank for Reconstruction and Development (EBRD), Šiaulių Bankas, and SB Asset Management, an asset management company.

TGS Baltic assisted Ignitis Group in signing a 105 million EUR long-term financing agreement with EIB

On March 12, Ignitis Group signed an agreement worth 105 million EUR with the European Investment Bank (EIB) for the 5th unit of the Kruonis Pumped Storage Hydroelectric Power Plant.

TGS Baltic assisted European Investment Bank (EIB) on signing an agreement with Šiaulių Bankas to set up and manage a second EUR 200 million renovation fund.

On February 13, 2024, Šiaulių Bankas signed an agreement with the EIB to amend the 2020 operational contract for the Multi-apartment Building Renovation Fund, committing to set up and manage a second EUR 200 million multi-apartment building renovation fund.

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.

TGS Baltic advised European Investment Bank (EIB) on signing a €25 milion agreement with Klaipėdos vanduo

The European Investment Bank (EIB) has signed a €25 million loan agreement with "Klaipėdos vanduo", the municipal water company in the Lithuanian city of Klaipėda, supporting its 2023-2026 investment programme. 

TGS Baltic advised TKM Finants AS in obtaining a creditor's activity license

We advised TKM Finants AS, a subsidiary of Nasdaq-listed Tallinna Kaubamaja Grupp AS, in applying for a creditor's activity license from the Estonian Financial Supervision Authority and providing consumer credit services.

Partner Chirag Mody and senior associate Silvia Urgas successfully represented a client in three court cases

Harju County Court dismissed all three actions brought against our client in the total amount of EUR 2,500,000. In three court cases that lasted more than two years, it was argued whether our client had breached their official duty and failed to protect the interests of the corporate debtor in the bankruptcy proceedings.

TGS Baltic advised Värska Originaal, the leading mineral water producer in Estonia, on a buyout of its minority shareholders and refinancing of the company

TGS Baltic acted as a legal adviser to Värska Originaal and its shareholders. Our team advised on negotiating the terms of the transaction in which the client acquired additional shares of Värska Originaal.

Partner Martin Tamme and Senior Associate Silvia Urgas successfully represented Swedbank

TGS Baltic has successfully represented Swedbank regarding a 1.75 MEUR claim presented against Swedbank by the bankruptcy trustee of the former Swedbank client Alberta Trade OÜ.

TGS Baltic advised Ignitis Group on EUR 225 million multi-option facility agreement with MUFG Bank

The energy company Ignitis Group concludes a financing agreement with the European division of the largest Japanese bank MUFG.

Big win in court representing the largest Lithuanian capital bank Šiaulių bankas in three-year-long proceedings regarding the imposition of the biggest AML fine in the banking sector

TGS Baltic attorneys Žygimantas Stankevičius, Tadas Varapnickas and assistant attorney Eglė Masytė successfully defended the interests of Šiaulių bankas in an administrative case against the Bank of Lithuania regarding a fine imposed by the Bank of Lithuania.

TGS Baltic advised the largest Lithuanian capital bank Šiaulių bankas on its 85 MEUR bond listing on Nasdaq Vilnius

TGS Baltic advised Šiaulių Bankas on their issue of 85 MEUR of restricted senior preferred notes. Altogether bond issue of Šiaulių bankas in the value of EUR 160 MEUR is traded as from 9 December 2022, for which 1.047% annual interest is paid.

TGS Baltic successfully defended interests of one of the major financial institutions of Lithuania

The TGS Baltic team successfully defended interests of one of the major financial institutions of Lithuania in the case started by former employee regarding settlement after dismissal. The amount claimed by the employee was over EUR 215 000.

TGS Baltic advised Orion Wealth in obtaining a licence of a financial brokerage firm of category C

We advised Orion Wealth in obtaining a licence of a financial brokerage firm of category C. This license allows the firm to provide portfolio management, investment advice and other investment and ancillary services.

TGS Baltic – together with Dentons – advised the Republic of Lithuania on borrowing in total EUR 1.2 bilion in international capital markets

Together with the international law firm Dentons, we advised the Republic of Lithuania on two benchmark bond transactions:

• The issuance of EUR 900 million 4.125% Notes due 2028,
• EUR 300 million tap of existing EUR 670 million 2.125% Notes due 2032.

TGS Baltic successfully represented the largest Lithuanian capital bank Šiaulių bankas in a case against the fine imposed by the Bank of Lithuania

Our team successfully represented the largest bank with Lithuanian capital – Šiaulių bankas – in an administrative case against the Bank of Lithuania regarding the fine imposed by the Bank of Lithuania.

Snoras bank's insolvency administrator has signed a 105-million-euro settlement agreement with the Swiss bank Julius Baer

TGS Baltic’s team assisted Snoras Bank’s insolvency administrator in reaching a settlement agreement with Swiss bank Julius Baer. The agreement which has been signed states that Julius Baer & Co Ltd will pay BAB Bankas Snoras EUR 105 million.

TGS Baltic advised Civinity on the acquisition of the Inservis Group  

We have assisted the Civinity group of companies in acquiring 100% of shares in Inservis, Priemiestis, Jurita, and SIA Inservis from the assets management group, Invaldos INVL, and ensuring financing from Luminor for the transaction.

TGS Baltic advised Truffle Capital on leading a 5.5 MEUR investment into insurtech startup Cachet

Law Firm TGS Baltic advised the European fund Truffle Capital SAS on leading a 5.5 MEUR investment round into startup Cachet, which provides smart insurance solutions. TGS Baltic advised the client during the entire transaction, from legal due diligence of Estonian companies to drafting and negotiating the transaction documents and closing the investment.