The Akropolis Group — a shopping- and entertainment-center development and management company in the Baltic countries — has issued green notes with a total value of EUR 350 million, maturing in five years, and an annual coupon rate of 6.000%.
“Entering the international capital markets with our debut issuance was a historic achievement, and now, with our second green notes issuance, we are taking another step forward,” said Akropolis CEO Gabriele Sapon. “The green notes issuance not only allows us to diversify our funding sources but also clearly demonstrates our commitment to sustainable growth. We thank both international and local investors for their trust – this confirms the maturity of our group and provides additional momentum to our sustainability strategy.”
The Akropolis Group intends to allocate an amount equal to the net proceeds from the offering of the notes to refinance its existing EUR 300 million 2.875 percent notes due 2026 and finance a portfolio of Eligible Green Projects (as they are defined in the company’s Green Finance Framework, which was publicly disclosed in February of this year). After the successful issuance of the new notes, the Akropolis Group intends to refinance the existing notes by exercising the make-whole call redemption option that was defined in the existing notes’ prospectus.
The notes issued under the new offering will be listed on the regulated markets of Euronext Dublin and NASDAQ Vilnius.
Over 90 investors participated in the offering, the order book peaked at EUR 1.1 billion, and the final order-book spread across Continental European and UK asset managers, including sponsorship from the regional investor base of Baltic and Nordic fund managers and banks.
The Walless law firm advised the joint lead managers: Citigroup Global Markets Europe AG, ING Bank N.V., and Skandinaviska Enskilda Banken AB.
Image source: www.freepik.com
