Akropolis Group has refinanced loans held by subsidiaries with banks by using part of the funds raised during the Eurobond issue
Akropolis Group, the leading shopping and entertainment centre development and management company in the Baltic countries, has provided loans to three subsidiaries in line with the capital utilization targets set out in the EUR 300 million bond issue prospectus (UAB Taikos turtas, UAB Aido turtas and SIA M257 respectively managing Kaipėda’s Akropolis, Šiauliai Akropolis and Riga’s Akropolis). The funds lent to Akropolis Group were used to cover the liabilities of subsidiaries at AS Citadele banka Lithuanian Branch (UAB Taikos turtas, UAB Aido turtas) and AS SEB banka (SIA M257). A total of EUR 135.1 million in commercial bank loans was refinanced.
Akropolis Group, the manager of the largest shopping centres in Lithuania, has successfully distributed its debut 5-year Eurobond issue worth EUR 300 million. These bonds have been listed on the Nasdaq Vilnius and Dublin Euronext stock exchanges. The issue of Eurobonds of UAB Akropolis Group was distributed with an annual coupon rate of 2.875%, an annual yield of 3.00% and a re-offer price of 99.428%. The bonds have been rated BB+ Fitch and BB+ S&P. The bonds mature on 2 June 2026.
Akropolis Group is rated BB+ (negative) by S&P and BB+ (stable) by Fitch. During its debut eurobond offering, Akropolis Group cooperated with banks BNP Paribas, J.P. Morgan and Luminor, as coordinators and bookrunners of the bond programme. The legal advisors of Akropolis Group were Clifford Chance LLP, which was leading legal advisor, and TGS Baltic, which advised in respect of Lithuanian and Latvian law. The legal advisors of the Banks were Linklaters LLP and Walless. The auditor of Akropolis Group is PricewaterhouseCoopers.