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TGS Baltic advised Maxima Grupė, UAB in approval of EUR 1 billion medium-term note program and making a note issue of EUR 300 million according to it. The subscribed notes will soon be admitted to trading on the Irish stock exchange (Euronext Dublin) and AB Nasdaq Vilnius. That is the largest note issue by a private equity company in the Baltic States.
The notes carry 3.25% annual interest, they have been subscribed at 3.5% yield. Standard & Poor’s rated the issue BB+ with stable outlook. Maxima Grupė became the first private local capital company in the Baltic States and one of a few retailers in Central and Eastern Europe that received and published an international credit rating. According to the company, this rating is the highest among retailers of comparable size in Europe.
In placement of the issue, banking groups BNP Paribas, Deutsche Bank and SEB bankas acted as intermediaries. In addition to TGS Baltic, in this transaction the company was also represented by international law firm Clifford Chance LLP.
TGS Baltic – Partner Vidmantas Drizga, Associate Partner Ieva Dosinaitė and Senior Associate Mantas Gofmanas – were advisors to the company in this process on issues of Lithuanian law, assisted in drafting of the base prospectus of the program, as well as other documents in connection with the project, represented the company in AB Nasdaq Vilnius regarding admission of the notes to trading on this regulated market.
Maxima Grupė holds retail chains Maxima (in the Baltic States), Stokrotka and Aldik (in Poland), T-Market (in Bulgaria) and an e-grocery store Barbora operating in Lithuania and Latvia. Maxima Grupė is a member of Vilniaus prekyba company group – one of the biggest trade companies in the Baltic States and Central and Eastern Europe.
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