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Eversheds Sutherland Bitāns advise as a collateral agent to Expresscredit secured notes issue

  • Latvia

    06-12-2019

    Eversheds Sutherland Bitāns advised ExpressCredit Ltd in the issue of new notes and in the securing of the interests of the new and existing Investors of ExpressCredit Ltd. The inerests of the Investors - Note holders and SIA Mintos Finance, are secured with a commercial pledge in the amount of 40,5 million EUR, held by Eversheds Sutherland Bitāns as the collateral agent of the Investors. Please find the announcement of Nasdaq Baltic Exchanges here.

    We provided a wide range of legal support to ensure a successful issue of secured notes, its subscription and placement and registration of the collaterals in the respective public registers. In particular, we assisted with the drafting and harmonization of the terms of the notes issue, the collateral agent agreement, the pledge agreements, the promissory note and other principal documents.

    The matter was particularly complex as it involved execution of transaction documents in line with already existing terms of the notes issues of ExpressCredit Ltd and terms of other obligations of ExpressCredit Ltd currently in place.

    In order to enforce the collateral the most efficient way we constructed a tailor-made solution for Expresscredit Ltd by using the concept of paralel debt, the pari passu principle,  and collateral agent institute.

    ExpressCredit Ltd is a major consumer financial services provider in Latvia specializing in consumer loans, pawnbroking services and money transfer services.

    The advisors in this transaction were Senior Partner Māris Vainovskis, Head of Banking and Finance practice group Mikus Freimanis, Head of Tax practice group Dainis Vodolagins, Specialist Counsel Indra Ingersone, Attorney at Law Egita Peimane, Attorney at Law Līva Lāce, Assistant Attorney at Law Laura Medne, Lawyer Justīne Ignatavičute, and Paralegal Zelma Lapiņa.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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