London—Dentons has advised AB Šiaulių Bankas, a major commercial and retail bank in Lithuania, on its €300 million senior preferred notes issuance.

The €300 million 4.853% Fixed Rate Reset Callable Senior Preferred Notes due 2028 are listed on Euronext Dublin. Proceeds from the issuance will be used for general corporate purposes, including to strengthen the funding structure of Šiaulių Bankas, to meet existing and future minimum own funds and eligible liabilities (MREL) targets, and to improve the liquidity position of Šiaulių Bankas. Previous liabilities may also be refinanced by the proceeds from the issuance.

Šiaulių Bankas is the largest bank incorporated in Lithuania and specialises in business and consumer financing solutions.

Dentons provided English legal advice to the issuer with the transaction being led by London-based capital markets partner, Neil Dixon. Alongside Neil, the team advising on the deal included Thomas Breheny (associate) and Miriam Babarinde (trainee).

Partner Neil Dixon, said: "This was a really significant transaction for Šiaulių Bankas. We were delighted to have the opportunity to work with the team on its inaugural international debt capital markets transaction."

Citigroup, Erste Group, Goldman Sachs Bank Europe SE, Morgan Stanley Europe SE and Šiaulių Bankas acted as Joint Lead Managers.

TGS Baltic acted as Lithuanian legal counsel to Šiaulių Bankas. Linklaters LLP acted as English legal counsel to the Joint Lead Managers and Sorainen acted as Lithuanian legal counsel to the Joint Lead Managers.

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