COBALT advised clients on the financing of acquisition of Graanul Invest by a subsidiary of Apollo Global Management Inc

COBALT advised Goldman Sachs International, Barclays Bank of Ireland PLC, and Royal Bank of Canada as lenders and initial bond purchasers in connection with the financing of the acquisition of the Graanul Invest by a subsidiary of Apollo Global Management, Inc.

The financing was provided by way of a bond financing comprising:

• €250 million Floating Rate Sustainability-Linked Senior Secured Notes due 2026, and
• €380 million 4.625% Sustainability-Linked Senior Secured Notes due 2026,
• and a €100 million senior secured revolving credit facility.

COBALT Estonian and Latvian teams advised the financing parties in cooperation with the leading international law firm Milbank.

Founded in 2003, Graanul is a world leader in biomass and bioenergy production and is the largest producer of wood pellets in Europe. The company employs more than 500 professionals across its 12 modern pellets plants in the Baltics and U.S., as well as its six combined-heat-and-power plants in Estonia and Latvia.

COBALT provided full legal support to clients on all Estonian and Latvian law aspects of the financing and security package.
The clients were advised by Banking and Finance Partner Marina Kotkas, Senior Associate Heleri Tammiste and Associate Maarja Tambet from Estonia, and Specialist Counsel Andrejs Lielkalns, Senior Associate Ivo Cimdinš from Latvia.