London—Dentons, the world's largest global law firm, recently advised the Republic of Lithuania on its largest transaction in the public international debt markets since July 2020.

The Republic of Lithuania updated its Euro Medium Term Note Programme and successfully issued €1.5 billion 3.5% Notes due 2034 under the updated Programme. The Notes, which are rated A2 by Moody's, A+ by S&P and A by Fitch, are listed on the Luxembourg Stock Exchange.

The update of the Programme allows the Republic of Lithuania greater flexibility in accessing the international debt market, meaning it is able to respond quickly to advantageous market conditions.

The drawdown of €1.5 billion of fixed-rate Notes under the Programme demonstrates the country's robust economic standing and investor confidence, and the market's appetite for high-quality sovereign issuers. The proceeds of the Notes will be used for the refinancing of indebtedness and general funding purposes of the Republic of Lithuania.

Dentons' London-based Debt Capital Markets partner, Head of Banking and Financial Services UK, and Global Co-Chair of Banking and Finance, Nick Hayday, who led the transaction, said: "It is a privilege to continue to contribute to the Republic of Lithuania's strategic financial initiatives. This represents a third transaction in less than two years, during which time we have supported the Republic in raising more than €3 billion on the public markets. This transaction demonstrates our continued commitment to Lithuania and our practice in Central and Eastern Europe."

In addition to Nick Hayday, London-based Debt Capital Markets partner Victoria Wyer advised on the transaction, with assistance from trainee Tom Day.

Victoria commented, "We are very pleased that we were able to help deliver this important and high-profile transaction within a short timeframe, to aid the Republic in taking advantage of more beneficial market conditions. Our team's dedication and expertise were instrumental in ensuring a smooth and successful outcome."

TGS Baltic acted as Lithuanian counsel to the Republic of Lithuania. Freshfields Bruckhaus Deringer LLP acted as international counsel to the underwriters and Sorainen acted as Lithuanian counsel to the underwriters.

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