COBALT advises on issuance of EUR 20 million ALTUM bonds

COBALT acted as an exclusive legal advisor in connection to the issuance of EUR 20 million bonds by ALTUM. This was the first issue under the third ALTUM’s bond issue programme of EUR 75,000,000.

This bond issue attracted significant interest from the Baltics investors, and was oversubscribed more than 3 times. The bonds were purchased by 15 institutional investors in the Baltics: 70% of the volume was allocated to asset management funds, 18% – to banks and 9% – to insurance companies.

ALTUM Chairman of Management Board Reinis Bērziņš: “With the new bond issue programme, ALTUM convincingly continues to pursue its strategy for raising finance. We are pleased with investors’ great interest in the bond issue, which took place in the Baltic capital markets in a week saturated with security issues. We have been issuing bonds for diversification of ALTUM financing sources since 2017, and our regular activity in the capital markets not only promotes investor confidence, but also enables us to achieve sound financial conditions – the best in our bond issues to date. This is ALTUM’s third issue programme, and we are planning to make the most out of its potential.”

Luminor Bank acted as the Sole Lead Manager of this bond issuance.

Gints Belēvičs, Head of Luminor Markets Customers: “We are happy to assist ALTUM in continuing their presence in the Baltic capital markets by issuing new bonds. Although it was an unprecedently busy week for the Baltic capital markets community with multiple planned bond issuances from our region, ALTUM bonds attracted impressive demand, allowing to achieve the thus far lowest interest rate for ALTUM bonds.”

COBALT team included Specialist Counsel Edgars Lodziņš and Associate Krišjānis Bušs.