October 15, 2021

Milbank Advises in Connection With the Financing of Apollo’s Acquisition of AS Graanul Invest


Milbank LLP advised the initial purchasers in connection with a bond financing comprising €250 million Floating Rate Sustainability-Linked Senior Secured Notes due 2026 and €380 million 4.625% Sustainability-Linked Senior Secured Notes due 2026 and a €100 million senior secured revolving credit facility.

The proceeds of the debut bond issuance helped fund the acquisition of AS Graanul Invest (“Graanul Invest”) by Apollo Global Management, Inc., a publicly listed (NYSE: APO) high-growth, global alternative asset manager.

Graanul Invest is Europe’s leading biomass and bioenergy producer, which specialises in the production of wood pellets, a sustainable, low-carbon alternative to fossil fuels that is used for renewable power generation. Graanul Invest operates 12 modern pellet production facilities in the Baltics and the US and six combined heat and power plants in Estonia and Latvia.

The Milbank team was led by European Leveraged Finance and Capital Markets partners Apostolos Gkoutzinis and Suhrud Mehta, special counsel Ana Grbec and associates Michael Gatter, Stefanos Serfas, Abbey Dalgleish, Kristian Sutt and Christopher Smith. The team also included New York Tax partner Andrew Walker.