Dentons has advised AB Šiaulių Bankas, a major commercial and retail bank in Lithuania, on its €50 million Additional Tier 1 Notes issuance. This Additional Tier 1 issuance is a “first in country” deal for a Lithuanian bank and comes just a month after Šiaulių Bankas’ inaugural international bond issuance.
The €50 million 8.750% Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down Notes will be listed on the Global Exchange Market of Euronext Dublin. Proceeds from the issuance will be used for general corporate purposes.
Šiaulių Bankas is the largest independently owned bank incorporated in Lithuania and specialises in business and consumer financing solutions.
Dentons provided English law legal advice to the issuer with the transaction being led by London-based capital markets partner, Neil Dixon. Alongside Neil, the team advising on the deal included associates, Thomas Breheny and Miriam Babarinde, and trainee, Nia Powell.
Neil Dixon said: “This was a landmark transaction for Šiaulių Bankas and the Lithuanian bank market. We were delighted to work with the team on its second international debt capital markets deal in a matter of weeks.”
Goldman Sachs Bank Europe SE acted as Sole Lead Manager.
TGS Baltic acted as Lithuanian legal counsel to Šiaulių Bankas. Linklaters LLP acted as English legal counsel to the Sole Lead Manager and Sorainen acted as Lithuanian legal counsel to the Sole Lead Manager.