Latvia's Latvenergo upsizes bond program by 35 million lats with shareholders' approval

By Susanna Moon

Chicago, April 22 - Latvenergo AS will boost the amount of bonds to be issued under its bond program by 35 million lats or its equivalent in euros.

As a result, the aggregate principal amount of bonds to be issued under the bond program was increased up to 85 million lats or its equivalent in euros, according to a company press release.

The move comes after the completion of recent bond issues and "high interest from the investors," the release noted.

The company's shareholder approved the measure last Friday.

The added funding will be used for the company's planned investment projects and will help ensure greater diversification of financing sources, Latvenergo said.

On March 27 the company said it priced €20 million of additional 2.8% notes due 2017 at 101.5492% of par to yield 2.6167%, in response to "high investor interest."

The notes were consolidated and formed a single series with the €20 million of notes issued on Dec. 19 and the €30 million of notes issued on Jan. 30, for a total deal size of €70 million.

Latvenergo is the largest power supply merchant in Riga, Latvia.

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