Maxima Grupe, one of the leading food retailers in the Baltics, has announced that it has completed a €35 million commercial paper (short-term notes) offering with a 12-month tenure.
Commercial Paper Offering
Mantas Kuncaitis, the CEO of Maxima Grupe, said "We are well pleased to see such a strong interest in our region as well as in Maxima Grupe. Having strong partners on board, including European Bank for Reconstruction and Development and Nordic Investment Bank, demonstrates that investments in our region remain attractive irrespective of such turbulent times we live in. We appreciate our partners for continuous cooperation – indeed we are truly successful only together."
The notes were subscribed by institutional investors representing the Baltic states, Scandinavia, and United Kingdom, the retailer noted.
Despite volatile market conditions, investors demonstrated strong interest and support.
Luminor acted as the sole arranger and bookrunner of the offering, while law firm TGS Baltic advised on transaction documentation.
Paulius Žurauskas, the head of markets at Luminor group, said, "Successful placement of Maxima Grupe Commercial Papers is a reflection of strong metrics of the issuer and resilience of the capital markets in this unstable environment.
"We are happy to have assisted Maxima Grupe in this project and, while the company remains the only issuer offering securities under such format in the Baltic region, we will work towards enabling more issuers to utilise the financing opportunities that Short-Term Notes provide."
© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: European Supermarket Magazine.