Appleby has advised WE Soda Investments Holding Plc, in relation to its offering of USD500,000,000 9.375% Senior Secured Notes due 2031, which have been listed on The International Stock Exchange (TISE).
This follows the successful listing of USD980,000,000 9.5% Senior Secured Notes due 2028, issued by WE Soda Investments Holding Plc in November 2023 and subsequent tap in December 2023. WE Soda is the global leader in the production of natural soda ash – one of the most widely consumed commodities in the world, which is used in the manufacture of glass, soap, paper and lithium carbonate for electric vehicle batteries. WE Soda prides itself as a leader in operating and producing soda ash in the most sustainable manner possible and is committed to operating in an environmentally and socially responsible way.
WE Soda Investments Holding Plc was the first issuer to be admitted to the Exchange’s sustainable finance segment, TISE Sustainable, by holding the qualifying credential of an ESG Rating. The issuer remains admitted to TISE Sustainable.
TISE Sustainable was established to provide a comprehensive and reputable market segment of the Official List, enabling the flow of capital into investments that promote environmental, social or sustainable activities. The admission to TISE Sustainable requires an issuer to evidence that they meet certain qualifying criteria relating to environmental, social or sustainable frameworks or ratings.
Partner Christophe Kalinauckas commented: ‘Our experts were delighted to act once again as facilitator for this listing on The International Stock Exchange. We are delighted to have worked with Latham & Watkins, to assist WE Soda with this further TISE listing in 2024.”
The Appleby listing team comprised Partner Christophe Kalinauckas, Associates Michael Davies, Tsebo Masia and Paralegal Sarah McDonald. Appleby worked closely with Latham & Watkins on the listing.
Appleby is a leading Listing Sponsor with TISE. We assist domestic and international entities looking for a primary or secondary listing on TISE. Our listings team is committed to delivering a highly professional and integrated service, coordinating the listing process and supporting the issuer through their application. We also act as our client’s ongoing sponsor and assist them in meeting their continuing obligations as a listed issuer on the exchange.
We provide advice to companies and their advisers whether they are issuers, sponsors, lead managers, shareholders or underwriters. We also work alongside other international law firms as part of a wider advisory network.
TISE is a regulated marketplace from within the European time zone but outside both the UK and the European Union. TISE is a “Recognised Stock Exchange” by UK HM Revenue & Customs. There are more than 4000 securities listed on TISE currently. The majority of listings are debt securities (including Eurobonds, Securitisations and CLOs, High Yield Bonds and Green Bonds) but TISE can also list other types of securities, such as, REITs, other investment vehicles and equity listings.
