TGS Baltic client, one of the largest industrial waste management companies in Lithuania, Žalvaris, has issued its first public bond issue and raised €5 million for two years at 9.5% annual interest rate.
The company organized the bond offering across the three Baltic countries and successfully placed the entire planned amount during a two-week placement process. Demand for the bonds exceeded the supply even threefold, reaching a total of €15 million.
The capital raised during the bond issue is planned to be used for investments into fire safety systems, acquisition of waste collection and recycling equipment, and other operational needs.
The bonds are the first financing of this form not only for Žalvaris, but also for the entire Green Group. Žalvaris plans to list the bonds on the Nasdaq stock exchange.
The bond issuance was successfully carried out by AB Šiaulių bankas, with legal guidance from TGS Baltic. Partner Dalia Augaitė, Associate Kotryna Visockytė, and Legal Assistant Gabija Šidlauskaitė represented the client on all legal matters.
