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Dentons has advised the Republic of Lithuania on two recent benchmark bond transactions: the issuance of €900 million 4.125% Notes due 2028, as well as a €300 million tap of existing €670 million 2.125% Notes due 2032. Both trades were undertaken pursuant to the Republic of Lithuania’s Euro Medium Term Note Programme. The Notes, which are rated A2 by Moody’s, A+ by S&P and A by Fitch are listed on the Luxembourg Stock Exchange.
The proceeds of the Notes will be used for the refinancing of indebtedness and general funding purposes of the Republic of Lithuania.
Dentons’ London-based Capital Markets partner Nick Hayday said: “We are delighted to have worked once again with the very sophisticated Ministry of Finance team and the joint lead managers on this successful bond issuance despite very challenging market conditions, the most volatile since the aftermath of the global financial crisis. This transaction demonstrates our continued commitment to Lithuania and our practice in Central and Eastern Europe.”
Nick Hayday and senior associate Victoria Wyer led on the transaction with assistance from associate Zeeshan Hussain and trainee Aaron Brady.
TGS Baltic acted as Lithuanian counsel to the Republic of Lithuania. Freshfields Bruckhaus Deringer LLP acted as international counsel to the underwriters and Sorainen acted as Lithuanian counsel to the underwriters.
This was one of several bond issuances on which Dentons has advised the Republic of Lithuania, the most recent of which was its €650 million bond issuance in June earlier this year. Read the full press release here.
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