Maxima Grupe Has Raised Capital by 300 Million Euros
Maxima Grupė, the managing company of the Maxima Latvija retail chain, which operates in the Baltics, Poland and Bulgaria, successfully placed a EUR 300 million issue of 5-year bonds. The bonds were purchased by more than 60 investors from 14 countries. Among them – one third from the Baltic and Scandinavian region, the rest of them – from other European countries. Demand for the securities exceeded supply.
“In talks with potential investors this past week we saw a great deal of interest and received positive signals from the market. This encouraged our decision to proceed with the debut offering immediately. The successful completion of the offering is a historical step for Maxima Grupė, which has thus decisively entered the international capital market. It is also proof that the company has reached a level of maturity that has allowed us to gain international investors’ confidence and use the same financial instruments as large European retailers,” says Maxima Grupė Chairman of the Board and CEO Dalius Misiūnas.
The annual fixed coupon of bonds will be 3.25%, the company’s bonds were placed at 3.5% yield. Settlement for them will take place on 13 September 2018. Following the sale, listing of the bonds on the Euronext Dublin and Nasdaq Vilnius securities exchanges is planned.
“Maxima Grupė is the first private company in Lithuania to enter the international capital market this year and has successfully placed the biggest ever issue of bonds by a private company in the Baltics. In this way, the company has shown that it is able to raise a record amount from institutional investors in both local and international markets. This step by Maxima Grupė increases the company’s transparency, demonstrates international recognition, and also confirms that investors look favourably on the group’s financial outlook and expansion plans. We think there are more companies in Lithuania that could take advantage of this example and diversify their sources of financing,” says Vilius Juzikis, Member of the Board and Head of Corporate Banking at SEB Bankas.
In July, the international credit rating company Standard & Poor’s assigned Maxima Grupė a BB+ credit rating with a stable outlook. Maxima Grupė has thus become the first private company in the Baltics and one of the few retailers in the Eastern and Central European region to receive and publicly announce an international credit rating. According to the company, this rating is the highest among European retail companies of similar size (with annual revenue amounting to EUR 4 billion).
Maxima Grupė selected BNP Paribas, Deutsche Bank and SEB Bankas as the arrangers and dealers for its bond programme and offering. The legal advisors of Maxima Grupė were Clifford Chance LLP, which was the leading legal advisor of Maxima Grupė, and TGS Baltic, which advised Maxima Grupė in respect to Lithuanian law. The legal advisors of the Banks were Linklaters LLP and Ellex Valiūnas.
About Maxima Latvija
SIA “Maxima Latvija” is a grocery retail chain with 158 stores in Latvia, out of which 127 are X size stores, 24 are XX size stores and 5 are XXX size stores, and 2 “Maxima Express” stores. This year “Maxima” also became a leader of electromobility in Northern Europe – the company introduced lithium-ion battery operated loaders, which will simplify the daily work of our employees and make it more comfortable, and the technology is friendly to the environment. The operation has a team of approximately 7500 professionals in its stores, two logistics centres and the online grocery shop barbora.lv. “Maxima” has up to 60 000 products on offer at its stores in Latvia. “Maxima” stores are widening their selections of local products and are sourcing their supplies from farmers, breeders, SMEs and artisans who are based near to where the customers live. The company is part of the holding “Maxima Grupe”, which is the largest retail chain and employer in the Baltic states, with more than 30,000 staff in five countries (Lithuania, Latvia, Estonia, Poland and Bulgaria).
About Maxima Grupė
Maxima Grupė owns the retail chain Maxima (in the Baltic states), Stokrotka and Aldik (in Poland), T-Market (in Bulgaria) and the food e-store Barbora operating in Lithuania and Latvia.
Maxima Grupė belongs to the Vilniaus Prekyba company group - one of the largest retail companies in the Baltic states and the Central and Eastern European region.
For further inquiries:
Ugnė Bartašiūtė
Account Executive, Corporate Communication at Maxima Grupė
Mob.: +370 614 74046
E-mail: ugne.bartasiute@maximagrupe.eu
“In talks with potential investors this past week we saw a great deal of interest and received positive signals from the market. This encouraged our decision to proceed with the debut offering immediately. The successful completion of the offering is a historical step for Maxima Grupė, which has thus decisively entered the international capital market. It is also proof that the company has reached a level of maturity that has allowed us to gain international investors’ confidence and use the same financial instruments as large European retailers,” says Maxima Grupė Chairman of the Board and CEO Dalius Misiūnas.
The annual fixed coupon of bonds will be 3.25%, the company’s bonds were placed at 3.5% yield. Settlement for them will take place on 13 September 2018. Following the sale, listing of the bonds on the Euronext Dublin and Nasdaq Vilnius securities exchanges is planned.
“Maxima Grupė is the first private company in Lithuania to enter the international capital market this year and has successfully placed the biggest ever issue of bonds by a private company in the Baltics. In this way, the company has shown that it is able to raise a record amount from institutional investors in both local and international markets. This step by Maxima Grupė increases the company’s transparency, demonstrates international recognition, and also confirms that investors look favourably on the group’s financial outlook and expansion plans. We think there are more companies in Lithuania that could take advantage of this example and diversify their sources of financing,” says Vilius Juzikis, Member of the Board and Head of Corporate Banking at SEB Bankas.
In July, the international credit rating company Standard & Poor’s assigned Maxima Grupė a BB+ credit rating with a stable outlook. Maxima Grupė has thus become the first private company in the Baltics and one of the few retailers in the Eastern and Central European region to receive and publicly announce an international credit rating. According to the company, this rating is the highest among European retail companies of similar size (with annual revenue amounting to EUR 4 billion).
Maxima Grupė selected BNP Paribas, Deutsche Bank and SEB Bankas as the arrangers and dealers for its bond programme and offering. The legal advisors of Maxima Grupė were Clifford Chance LLP, which was the leading legal advisor of Maxima Grupė, and TGS Baltic, which advised Maxima Grupė in respect to Lithuanian law. The legal advisors of the Banks were Linklaters LLP and Ellex Valiūnas.
About Maxima Latvija
SIA “Maxima Latvija” is a grocery retail chain with 158 stores in Latvia, out of which 127 are X size stores, 24 are XX size stores and 5 are XXX size stores, and 2 “Maxima Express” stores. This year “Maxima” also became a leader of electromobility in Northern Europe – the company introduced lithium-ion battery operated loaders, which will simplify the daily work of our employees and make it more comfortable, and the technology is friendly to the environment. The operation has a team of approximately 7500 professionals in its stores, two logistics centres and the online grocery shop barbora.lv. “Maxima” has up to 60 000 products on offer at its stores in Latvia. “Maxima” stores are widening their selections of local products and are sourcing their supplies from farmers, breeders, SMEs and artisans who are based near to where the customers live. The company is part of the holding “Maxima Grupe”, which is the largest retail chain and employer in the Baltic states, with more than 30,000 staff in five countries (Lithuania, Latvia, Estonia, Poland and Bulgaria).
About Maxima Grupė
Maxima Grupė owns the retail chain Maxima (in the Baltic states), Stokrotka and Aldik (in Poland), T-Market (in Bulgaria) and the food e-store Barbora operating in Lithuania and Latvia.
Maxima Grupė belongs to the Vilniaus Prekyba company group - one of the largest retail companies in the Baltic states and the Central and Eastern European region.
For further inquiries:
Ugnė Bartašiūtė
Account Executive, Corporate Communication at Maxima Grupė
Mob.: +370 614 74046
E-mail: ugne.bartasiute@maximagrupe.eu