TEGOS experts advised the global coordinators, arrangers and green structure agents of the Latvenergo issue – BNP Paribas and J.P. Morgan SE – on the Latvenergo international bond issue, which was further structured in accordance with green bond requirements.
With this transaction, Latvenergo expands its activities in the financial instruments market by issuing bonds internationally, which are rated Baa2 by Moody’s Rating. The company placed EUR 400 million of bonds with a fixed rate of 3.612% and a maturity of 5 years. Demand from 140 international and European investors exceeded supply by 5.5 times. Consequently, the bonds got admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and will be listed on AS “Nasdaq Riga” regulated market.
This is the first international green bond issue by a Latvian company. It demonstrates the company’s commitment to sustainable finance and climate goals.
The role and team of TEGOS
Our banking and finance law experts advised the global coordinators and arrangers of the issue on Latvian law issues. Work on this project included reviewing and updating the prospectus for the bond issue, advising on the company’s corporate structure and necessary corporate decisions.
Inese Hazenfusa, Partner and Head of the Banking and Finance Practice Group, and Mārtiņš Galzons, Senior Associate advised the clients on Latvian law issues. Additionally, the lead English law adviser was Baker & McKenzie London, represented by partners James C. Tanner and Megan Schellinger.
