Cobalt, working with Allen & Overy's London office, has advised the Luminor Bank on the update of its EUR 5 billion euro medium-term note and covered bond program along with a EUR 600 million tender offer for existing notes and a EUR 300 million issuance of new restricted senior preferred notes. The London office of Clifford Chance advised the dealers.
According to Cobalt, Luminor is the third-largest financial services provider in the Baltics with 940,000 customers and 2,500 employees.
Back in 2020, Cobalt had also advised the Luminor Bank on its inaugural issue of covered bonds, with an aggregate nominal value of EUR 500 million (as reported by CEE Legal Matters on March 17, 2020).
The Cobalt team included Partner Marina Kotkas, Associate Christine Magi, and Junior Associate Maarja Tambet.
