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Lithuanian energy group issues 1st int'l green bonds
Last Updated: 2017-07-11 08:35 | Xinhua
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Lithuania's state energy group Lietuvos energija issued international green bonds for 300 million euros (342 million U.S. dollars) in what was the first green bond issuance by the Lithuanian company, the group announced on Monday.

The bonds maturing in 2027 have a 2-percent coupon and were sold with an initial yield of 2.19 percent.

The company decided to raise 300 million euros instead of the previously planned 200 million euros due to "very favorable market conditions" and demand from foreign investors which amounted to almost 1.4 billion euros, Lietuvos energija announced.

Institutional investors from Germany, Finland, France, and Lithuania bought the largest share of the bonds.

The international green bonds were "the largest and with the longest maturity corporate green Eurobond issue among all Central and Eastern European countries," said Lietuvos energija in a press release.

Lietuvos energija also became the first Lithuanian company to issue green bonds, under which the proceeds will be invested in green energy projects.

The Lithuanian state-controlled energy company group plans to use the proceeds to finance investments in wind energy, energy generation from waste and biomass, and upgrading the efficiency of the electricity distribution network.

Recently, Lietuvos energija was given a credit rating of BBB+ with a stable outlook by Standard&Poor's financial services company.

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