Cobalt, working with Dentons, has advised Latvian national airline AirBaltic on its EUR 340 million issuance of senior secured bonds with a maturity of 5.25 years to be listed on the Euronext Dublin stock exchange. TGS Baltic, working with Linklaters, advised joint global coordinators BNP Paribas, Citi, and JP Morgan, joint bookrunners Morgan Stanley and SEB, and co-managers LHV and Signet Bank.
According to Cobalt, "thus far, it is the largest corporate bond issue originating from Latvia [...] The successful issuance of this bond serves to refinance AirBaltic’s previously issued EUR 200 million in bonds."
Demand for the bond exceeded supply, with the final order book surpassing EUR 800 million, and a final allocation to more than 100 institutional investors from more than 20 countries across three continents.
The Cobalt team was led by Partner Edgars Lodzins and included Specialist Counsel Andrejs Lielkalns, Senior Associates Krisjanis Buss, Ivo Cimdins, and Agnese Gerharde, and Associates Maira Puzule and Toms Dreika.
The TGS Baltic team included Partners Inese Hazenfusa, Andra Rubene, and Dalia Augaite and Associates Evija Abele and Martins Galzons.
