Eesti Energia bond buyback and €500 million eurobond issue

22/9/2015
Investment grade bond/note issue, Bond/note buyback

€ 500 million

$ 550 million

Completed

22/9/2015


Overview:

  • Eesti Energia, an international energy company operating in the Baltic and Nordic energy markets, has made a tender offer to the owners of its existing notes due in 2018 and 2020.
  • The tender was financed through a €500 million eurobond issue.
  • This is the biggest bond transaction in the history of Eesti Energia.
  • Investors of the new notes issue included funds (48%), insurance companies (21%), banks (15%), pension funds (5%), and others (11%). Among the investors, 44% were from Scandinavia and the Baltic States, 20% from Germany and Austria, 15% from France, 10% from the United Kingdom, 4% from Switzerland, and 7% from other countries.
  • Barclays, Deutsche Bank, and Nordea Bank were the joint lead managers. Swedbank was the co-manager.

Wai Yee Tsang - Journalist

Jurisdictions:

United Kingdom
Estonia

Deal types:

Investment grade bond/note issue
Bond/note buyback

Practice area:

Capital markets : Debt

Governing law:

England and Wales

Industry sector:

Energy


Firms:

Party: Barclays (Joint lead manager)

Party: Deutsche Bank (Joint lead manager)

Party: Nordea Bank (Joint lead manager)


Party: Eesti Energia (Seller)

Lawyer: Raino Paron


Party: Eesti Energia (Issuer)

Lawyer: Philip Snell


Party: Barclays Bank (Joint lead manager)

Party: Deutsche Bank (Joint lead manager)

Party: Nordea Bank (Joint lead manager)