Cobalt has advised Eco Baltia on its second EUR 10 million issuance of three-year bonds, conducted as a private placement with arranger Luminor Bank and distributor Siauliu Bankas. Eversheds Sutherland was the bondholders' trustee.
Eco Baltia is the largest environmental resource management group in the Baltics. According to Cobalt, “the issue attracted strong investor interest, with total demand exceeding the issue size by 1.7 times, and orders were received from over 100 institutional and retail investors in Estonia, Latvia, and Lithuania. The proceeds from the issue will be used to further the company's development strategies through the acquisition of new companies and to strengthen its position in the international market.”
Earlier in 2023, Eversheds Sutherland also worked on Eco Baltia’s inaugural EUR 8 million bond issuance (as reported by CEE Legal Matters on February 16, 2023).
The Cobalt team included Partners Edgars Lodzins and Sandija Novicka and Junior Associate Jurijs Georgs Rusakovs.
The Eversheds Sutherland team included Senior Partner Maris Vainovskis, Senior Associate Justine Ignatavicute, and Associate Karlis Jekabs Ivans.