Law firm COBALT represented a syndicate of banks including AB SEB bankas (Lithuania), Danske Bank A/S (Denmark) and Nordea Bank AB (Sweden) in granting a syndicated loan of EUR 60 million.
The funds will be used to refinance the loan which was granted by the company’s shareholder Telia Company a few years ago to the telecommunications company then named Omnitel. The financing in the amount of EUR 77 million was intended for the development of 4G network.
The syndicated loan which is granted in equal portions of EUR 20 million by the three said banks was arranged by SEB bankas in Lithuania, together with SEB bankas in Sweden (Skandinaviska Enskilda Banken AB). The maturity of the loan is 5 years.
“This is a major, complex credit transaction, not common in Lithuania, which was arranged by SEB bankas in compliance with international loan standards (LMA, Loan Market Association). Telia Lietuva is a good example for the market how to benefit from the favourable situation and professionally optimise financial liabilities,” said Vilius Juzikis, Head of the Corporate Banking of SEB bankas.
COBALT team drafted and reviewed contracts and other related documentation, was responsible for drawing up a legal opinion and for providing advice on common issues related to lending. The team was led by Akvilė Bosaitė, a COBALT partner and the Head of the Banking and Finance Practice Group.