We are acting as collateral agent in an issue of public secured bonds worth EUR 10 million by Longo Group, the largest used car retailer in the Baltic region.
Our assistance
Our assistance involved reviewing the base prospectus from the collateral agent’s perspective, drafting the Latvian and Lithuanian law governed collateral and collateral agent agreement, as well as ensuring further collateral registration in the relevant registers. Sorainen will continue to act as collateral agent for the whole life of the bonds issued under this particular relevant base prospectus.
Project and teams involved
The arranger of this transaction was Signet Bank AS. The legal counsel for Longo Group was ZAB Eversheds Sutherland Bitāns SIA.
An innovative aspect of this public offering was that the bonds were also offered via Mintos. Nearly 1,000 new investors joined the offering through Mintos, in addition to the 700 from Longo’s own network. With investments starting from just EUR 50, the bond was accessible to a wide group of retail investors.
Our team
The Sorainen team was led by partner Ramona Miglāne and it consisted of counsel Lina Aleknaitė – van der Molen, senior associate Inese Heinacka, and associate Dominykas Kulakas.
Longo’s announcement at the Nasdaq stock exchange regarding the issued bonds is available here.
