MAXIMA GRUPĖ, UAB (hereinafter – MAXIMA GRUPĖ), the largest retail group in the Baltic States, has successfully issued five-year bonds worth €350 million under its EMTN Programme.
MAXIMA GRUPĖ’s bonds were subscribed by a wide range of institutional investors from the United Kingdom, Continental Europe, the Baltics and the Nordic countries. Investors demonstrated exceptionally strong interest in the securities offered, with demand exceeding supply more than three times. The bonds were issued with a 4.75% coupon rate and will be listed on the regulated markets of Euronext Dublin and Nasdaq Vilnius.
“After a short break and following implemented changes to our business structure, we have successfully returned to the bond market. Strong investor interest confirms confidence in Maxima Grupė’s business, strategic direction, and leadership in the Baltic region. In volatile markets, we also view this level of international investor participation as a sign of confidence in our region overall.
During this issuance, the final order book exceeded €1 billion, with over 100 investors participating in the offering process, with final allocations being split between more than 80 investors.
The majority of the funds will be used to refinance a short-term loan, while the remaining funds will be used to support the operations of Maxima Grupė companies.
We thank Maxima Grupė’s partners for their professionalism and significant contribution to the successful placement of this bond issue,” summarizes Lauryna Šaltinė, CFO of MAXIMA GRUPĖ.
For the bond programme update and the subsequent drawdown, MAXIMA GRUPĖ selected Goldman Sachs Bank Europe SE, ING, and SEB as its banking partners, legal advice was provided by Clifford Chance LLP and COBALT. Legal advisers to the banks were Mayer Brown International LLP and Ellex Valiūnas.
Credit rating agency S&P Global Ratings has assigned a ‘BB+’ issue rating to the bonds, while MAXIMA GRUPĖ’s ‘BB+’ credit rating with a stable outlook remains unchanged.
Additional information
MAXIMA GRUPĖ, UAB operates the “Maxima” retail chains and the “Barbora” online grocery stores in the Baltic states.
MAXIMA GRUPĖ, UAB is part of the „Vilniaus prekyba“ group of companies. Through its other subsidiaries, Vilniaus prekyba, UAB manages investments in retail and pharmacy chains, as well as companies providing real estate development and management services across the Baltic states, Sweden, Poland, and Bulgaria.
