Lithuanian retail giant to issue bonds worth 300-400 mln euros

VILNIUS, April 20 (Xinhua) -- Lithuanian retail giant Maxima Grupe plans to issue bonds worth around 300 (368.5 million U.S. dollars) to 400 million euros amid the company's rapid expansion in Europe, Maxima's chief executive Dalius Misiunas told local media on Friday.

Misiunas said the company plans to diversify its debt portfolio by issuing bonds this year. If carried out, the bond issuance of 300-400 million euros by the Lithuanian retail company would be the largest in the region, reported vz.lt.

Proceeds from the issuance would be allocated to diversify the company's financing structure and lower dependency on bank loans.

"The company has grown up, and is capable of borrowing from the capital markets, including international markets," Misiunas said.

The chief executive declined to reveal the yield and maturity of the potential bond issuance.

This wouldn't be the first multi-million bond issuance for Misiunas, the new chief executive of Maxima, who took the helm of the company two months ago.

Last summer, Lithuania's state-controlled energy group Lietuvos energija, then headed by Misiunas, issued international green bonds for 300 million euros in what was the first green bond issuance by Lithuanian company.

Earlier this week, Maxima completed the deal to acquire Polish company Emperia Holding S.A., which operates retail chain Stokrotka with 436 stores and had a turnover of 607 million euros in 2017. Enditem