Dentons has advised Globe Trade Centre S.A. (GTC) on its successful debut unsecured green bond issue of €500 million with a coupon of 2.25% per annum, maturing on 23 June 2026. The issue was heavily oversubscribed, with books exceeding €1.4 billion.
GTC is a Warsaw-based real estate developer and investor operating in Central and Eastern Europe (CEE) and South Eastern Europe (SEE) region with a primary focus on Poland and capital cities in the CEE and SEE, including Budapest, Bucharest, Belgrade, Zagreb and Sofia. GTC plans to use the funds raised to refinance a portfolio of its green assets outlined in the green bond framework. At present, 84% of GTC’s assets carry a green certification, with the eventual goal of 100% green certification for all assets in the portfolio.
Nick Hayday, partner in Dentons’ Capital Markets practice in London, said, “It has been a pleasure to work with the GTC team on this transaction. The issuance reflects Dentons’ continuing strength in acting on debut debt capital markets transactions in the CEE region. This has been a great outcome for the company with strong investor interest and we are pleased to have been able to assist the team and all of the underwriters on this transaction.”
Ariel Ferstman, Globe Trade Centre S.A.’s CFO commented “This is a highly successful debut issue for GTC, which attracted strong investor demand in a highly competitive market. Delivering a benchmark international Eurobond in green format highlights our long term commitment to sustainability, further evidenced by the fact that 84% of our assets carry green certification. We are grateful to Dentons for their professionalism and support.”
The Dentons London team was led by partner Nick Hayday, who was assisted by senior associate Moeen Qayum and trainee Ed Varney advising on English law. The London team worked alongside senior associate John Kearns in Dublin, partners Jakub Celiński and Cezary Przygodzki, counsel Tomasz Krasowski and trainee Marcin Urbański in Warsaw, partners Namik Ramić and Stéphane Hadet, counsel Olivier Lesage and associate Jeff Nitschaeff in Luxembourg, and client relationship partner István Réczicza.
