TGS Baltic advised Citigroup Global Markets Europe AG on the tap issue of EUR 40 million senior secured bonds by Air Baltic Corporation AS

17 October, 2024

The Latvian national airline airBaltic successfully executed EUR 40 million tap issue related to its EUR 340 million outstanding high-yield bonds

TGS Baltic advised the sole bookrunner Citigroup Global Markets Europe AG on the tap issue of EUR 40 million 14.50% senior secured bonds by the Latvian national airline Air Baltic Corporation AS. Following the tap issue the total issue size of the bonds is EUR 380 million.

This transaction was well received by the international and local investment communities and the demand for the tap issue bonds exceeded the offering, with the final orderbook of almost EUR 125 million.

The proceeds from the issue will be used to finance the company’s general needs, including development and further fleet expansion.

For more information, please see the airBaltic press release here.

The legal team was led by Linklaters advising on English law and assisted by TGS Baltic team advising on Latvian law matters. The TGS Baltic team was composed of partners Inese Hazenfusa, Andra Rubene and Dalia Augaitė (Lithuania), and associates Evija Ābele and Mārtiņš Galzons.