Riga, 2013-01-25 10:38 CET (GLOBE NEWSWIRE) -- On 24 January 2013 Latvenergo AS (Baa3/stable, Moody`s) implemented successful placement of notes in the amount of EUR 30,000,000 under the first series of notes.
The public announcement was made in the Republic of Latvia, in the Republic of Lithuania and in the Republic of Estonia. The yield to maturity range was determined from SW* +1.80% to SW +2.10%. The total amount of the submitted purchase orders had reached more than 88 million euro, respectively, almost 3 times exceeding the planned additional issue amount. The purchase orders were received from 46 investors, including pension funds, asset management funds, insurance companies and banks in Latvia, Lithuania and Estonia.
The terms of the additional issue of the first series of notes are the following:
|Principal amount of the additional issue:||30,000,000 EUR|
|Amount of the additional notes:||30,000|
|Nominal amount of the note:||1,000 EUR|
|Annual interest rate (coupon):||fixed, 2.8%|
|Issue price:||1003.187 EUR|
|Final yield to maturity:||2.8%|
|Issue date:||30 January 2013|
|Maturity date:||15 December 2017|
|Aggregate principal amount of the series of notes:||50,000,000 EUR|
In accordance with the final terms of the additional issue of the first series of notes temporary ISIN code is LV0010801098. Upon admission of the notes to the regulated market the notes will be consolidated and form a single series with the EUR 20,000,000 notes issued on 19 December 2012 and will have a common ISIN code LV0000801090.
The issue of notes is being implemented under Latvenergo AS LVL 50 million (or its equivalent in EUR) programme for the issuance of notes. The arranger of the issue of notes – SEB banka AS.
The issue of notes is realized within the Latvenergo Group’s borrowing plans and the net proceeds from the issue of the notes will be used for financing Latvenergo Group`s capital expenditures programme, including but not limited to financing of renewal of transmission and distribution lines, reconstruction of transformer substations, investments in voltage quality improvement, as well as replacement of overhead lines with cable lines to improve the quality and reliability of electricity supply to customers and to reduce the network losses.
* a five-year interest rate swap
Phone: +371 67 728 239
The Latvenergo Group is the largest power supply merchant in the Baltics, engaging in electricity generation and trade as well as providing electricity distribution and management of transmission system assets. Latvenergo holds one-third of the entire Baltic electricity market. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa3/stable.
The Latvenergo Group includes the parent company Latvenergo AS (electricity generation and trade, thermal energy generation) and its subsidiaries Latvijas elektriskie tīkli AS (management of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity trade in Estonia), Elektrum Lietuva UAB (electricity trade in Lithuania) and Liepājas enerģija SIA (thermal energy generation and trade, electricity generation), as well as Elektrum Latvija SIA, a subsidiary of Elektrum Eesti OÜ.