Lithuanian retail giant Maxima Grupe is planning a bond issue worth €300mn-€400mn in order to diversify financing and reduce its dependence on borrowing from banks, Lithuanian media reported on April 20.
Maxima Grupe’s CEO Dalius Misiunas told the Lithuanian newspaper Verslo Zinios the issue will be carried out this year but did not specify timing or other details such as maturity or yield.
"The company has grown up and is capable of borrowing from the capital markets, including international markets," Misiunas said.
Maxima Grupe has been expanding fast recently. The company completed a deal to acquire Polish company Emperia Holding, the operator of Stokrotka retail chain, last week. The Lithuanian retailer said it acquired 93.7% of Emperia shares, in a deal worth €276mn.
Apart from Lithuania, Maxima Grupe is operating in neighbouring Baltic states Latvia and Estonia, Poland – where it already controls the Aldik chain – and Bulgaria, where it owns T-Market. The company also operates online retailing brand Barbora.
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