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COBALT advised Nordic Aviation Group in entering into an 8 million euro revolving loan facility agreement with Sihtasutus KredEx

2021-01-07

COBALT advised AS Nordic Aviation Group (“Nordica”) in entering into an 8 million euro revolving loan facility agreement with Sihtasutus KredEx.

Nordica is a public limited company wholly owned by the Government of Estonia, which is engaged in organising commercial flights and is the parent company of the biggest aviation group in Estonia. Sihtasutus KredEx is a financing institution established by the Estonian Ministry of Economic Affairs and Communications.

The loans to be made available under the agreement will be granted by Sihtasutus KredEx in the framework of support measures to alleviate the crisis arising from the pandemic spread of COVID-19 and the emergency situation declared in relation thereto. The loans may be used by Nordica to alleviate the damages caused by the COVID-19 crisis and the emergency situation, and to cover the costs related to ensuring the sustainability of its operations. The granting of the revolving loan facility has been approved by a state aid permission from the European Commission and a resolution of the Government of Estonia.

COBALT’s team for this transaction consisted of Partner Marina Kotkas and Senior Associate Mattias Tammeaid. Senior Associate Mart Blöndal advised on state aid matters.