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Cobalt Advises on EUR 100 Million Latvenergo Green Bonds Issuance

Cobalt Advises on EUR 100 Million Latvenergo Green Bonds Issuance

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Cobalt has advised Latvenergo AS on its issuance of EUR 100 million five-year green bonds with a fixed annual interest rate and a yield to maturity of 2.42%.

The arrangers of the issuance are Luminor Bank AS and Swedbank AB.

Latvenergo is a state-owned electric utility company in Latvia. The company generates about 70% of the country's electricity.

According to Cobalt, “the total amount of the submitted purchase orders reached more than EUR 160 million. The purchase orders were received from 17 investors, including asset management funds, insurance companies and banks in Latvia, Lithuania, Estonia, Finland, Sweden, 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 program for the issuance of notes. Last year, Cobalt advised the banks on Latvenergo’s EUR 50 million issuance (as reported by CEE Legal Matters on May 28, 2021).

Cobalt’s team included Partner Edgars Lodzins and Senior Associate Krisjanis Buss.

Cobalt did not reply to our inquiry on the matter.