Published: 2019-10-10 15:34:54 CEST
Latvenergo

Latvenergo AS plans to continue the issuance of bonds in the Baltic market

Riga, 2019-10-10 15:34 CEST -- On 9 October 2019, the Shareholder's Meeting of Latvenergo AS decided to issue debt securities (bonds) up to 200 million euro under a new bond offering programme. The decision is based on positive bond issue experience and the opportunity provided by the capital market to continue the successful diversification of the Latvenergo Group funding sources by attracting funding on favourable terms and conditions.

Specific bond issue parameters will be defined during the drafting process of bond documentation. The bonds will not be convertible, similarly to ones issued under the previous programmes for the issuance of bonds, meaning that Latvenergo AS is and will remain a company fully owned by the state. Issued bonds are planned to be listed on Nasdaq Riga AS Baltic Bond List.

Funding raised through bond issue will be used for Latvenergo Group capital investments in generation and distribution network assets. Latvenergo Group capital investments are planned on average 150 million euro in a year over the next three years and their implementation is partially financed by own funds and partially by the borrowed capital. 

So far, Latvenergo AS has raised 205 million euro through the issue of bonds under two bond programmes, including green bonds in the amount of 100 million euro.

 

Additional information:
Jānis Irbe
Group Treasurer

Phone: +371 67 728 239
E-mail: 
investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade, electricity distribution services and lease of transmission system assets. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and seven subsidiaries - Latvijas elektriskie tīkli AS (lease of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.