COBALT advises on the issuance of EUR 50 million Latvenergo AS green bonds

2023 - 02 - 16

COBALT acted as a legal advisor in connection to the issuance of EUR 50 million six-year green bonds by Latvenergo AS with a fixed annual interest rate and a yield to maturity of 4.952%. It is intended that the notes will be listed on Nasdaq Riga AS.

The total amount of the submitted purchase orders reached EUR 132.6 million. The purchase orders were received from more than 20 investors, including asset management funds, insurance companies and banks in Latvia, Lithuania, Estonia, Germany and Austria, and international financial institutions – European Bank for Reconstruction and Development and Nordic Investment Bank.

The issuance of notes is being implemented under Latvenergo AS EUR 200 million third programme for the issuance of notes. The arrangers of the issuance are Luminor Bank AS and Swedbank AB (publ).

The proceeds from the issuance of notes will be allocated to environment-friendly investment projects in accordance with Latvenergo AS Green Bond Framework, which has received the Dark green shading issued by the independent research center CICERO Shades of Green. This is the highest category shading in the CICERO’s methodology. That indicates the compliance of the planned projects with long-term environmental protection and climate change mitigation objectives, as well as good governance and transparency.

Legal advice in relation to the issuance of bonds was provided by COBALT team, including Partner Edgars Lodziņšand Senior Associate Krišjānis Bušs.

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