Sorainen Estonia advised Elering, the electricity and gas transmission system operator in Estonia, in its successful EUR 225 million Eurobond issue. The bond matures in 2023, pays annually a coupon of 0,875% and will be listed on the London Stock Exchange. The proceeds will be used for refinancing the existing Eurobonds maturing in July this year.
‘This is the lowest fixed coupon achieved by a euro-denominated corporate issuance in the CEE region in the last 15 years,’ said Taavi Veskimägi, Chairman of Elering’s Management Board. ‘A successful bond issue provides certainty that Elering will not need to refinance its debt over the next five years. This will allow us to focus on future major investments, such as Balticconnector and the third electricity connection between Estonia and Latvia, ‘ said Veskimägi.
Sorainen was engaged as Estonian legal advisor to Elering. The Sorainen project team was led by partner Reimo Hammerberg and senior associate Kätlin Hein.