TGS Baltic has advised iCotton on its EUR 20 million issuance of secured bonds in collaboration with the Signet Bank. Deloitte Legal reportedly advised iCotton as well.
iCotton is a Baltics hygiene products manufacturer.
According to TGS Baltic, “the bonds, offered in a private placement, are anticipated to be listed on the Nasdaq Riga First North alternative market in the near future. The proceeds from this bond issue will be utilized by the iCotton Group to refinance its bank liabilities in Latvia and Poland. The refinancing of bank loans that have amortization schedules with bonds, that are repayable at maturity, enables the group to obtain additional working capital financing to further expand its business without increasing its total liabilities.”
Back in 2021, TGS Baltic advised on Altum’s EUR 10 million loan to iCotton (as reported by CEE Legal Matters on November 8, 2021).
The TGS Baltic team included Partner Inese Hazenfusa and Associate Martins Galzons.