Kadi Sink
Senior Associate
+ 372 640 7170
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Kadi Sink is a Senior Associate at Ellex Raidla, specialising in banking and finance and capital markets’ law.
Kadi’s previous experience includes advising both local and international clients (including banks, other financial institutions and listed companies) in a wide range of regulatory and financial services’ related matters, including in communications with the supervisory authority. She has also assisted clients in carrying out both public offerings and private placements of securities and major mergers and acquisitions projects.
Before joining Ellex Raidla, Kadi practiced in the banking and finance and insurance team of law firm Sorainen. She has also worked as an in-house legal counsel to the corporate banking department at Swedbank’s, dealing mainly with financing transactions.
Kadi holds a MA degree in law from the University of Tartu. In addition, she has studied as an exchange student at University of Ghent and attended the German and EU law summer program of Ludwig-Maximilians University of Munich.
Kadi Sink
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Ellex Raidla advised Coop Pank in connection with a bond issuance
On 16th of March 2021, Coop Pank AS announced a public offering of Coop Pank´s unsecured subordinated bonds.
The subscription period for the bonds starts on 16 March 2021 and will end on 26 March 2021. The offering will be targeted to all retail and institutional investors in Estonia. Coop Pank offers publicly up to 8,000 unsecured subordinated bonds of Coop Pank EUR 5.5 Coop Pank bond 21-2031 with the nominal value of EUR 1,000 each.
Chairman of the Management Board of Coop Pank, Margus Rink said: "The purpose of the bond program is to finance Coop Pank's future growth strategy. Over the last 4 years, Coop Pank has grown its operating volumes by about 40 percent a year, and our footprint in the Estonian economy is becoming more and more noticeable. We have so far covered the capital needs arising from growth through earned profits, subordinated bonds issued in 2017 and 2019, and an additional share issue and initial public offering (IPO) in 2019. The money raised in this bond issue is also planned to be used to support the growth of Coop Pank.“
Based on Estonian's capital, Coop Pank is one in five universal banks operating in Estonia. Coop Pank’s banking services are used by more than 90,900 clients. The strategic owner of the bank is the domestic retail chain Coop Eesti, whose sales network includes 330 stores.
The public offering of Coop Pank AS subordinated bonds was advised by Ellex Raidla’s Partner Gerli Kivisoo, Senior Associates Kadi Sink and Alla Kuznetsova and Associate Kevin Gerretz.
Find out more HERE.
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Financials & InvestmentsField of practice
Banking & Finance
We advised LHV Group in relation to the public offering of subordinated bonds
Our Partner Gerli Kilusk and Senior Associates Kadi Sink, Alla Kuznetsova and Anneli Krunks advised LHV Group in relation to the public offering of subordinated bonds.
The public offering of AS LHV Group subordinated bonds ended on Friday, 25 September. As the initial issue volume of EUR 25 million was oversubscribed, LHV Group used its right to increase the issue volume to the maximum permitted volume of EUR 35 million.
Altogether 3,069 investors participated in the issue, subscribing to subordinated bonds for a total of EUR 85.3 million. This means that the initial issue volume was oversubscribed 3.4 times. The subscription period started at 10.00 on 16 September and ended at 16.00 on 25 September.
"Investors showed great interest and trust towards LHV and our ambitions. LHV’s largest bond issue to date, was subscribed to by the most investors to date and they also wished to invest the highest sum to date. The funds raised help us strengthen our capital structure and support the growth of our business and market position. The loan portfolio of LHV is growing swiftly, also we are finalizing the acquiring of Danske’s Estonian corporate and local governments' credit portfolio. As with previous issues, we wanted to see all subscribers as our investors, however regarding the allocation of bonds we preferred the existing securities’ owners first and secondly customers of LHV," Madis Toomsalu, CEO of LHV Group commented.
As a result of the issue LHV Group issued subordinated bonds with a nominal value of 1,000 euros, an interest rate of 6.0% per annum and a maturity date of 30 September 2030. The bonds will be listed on Nasdaq Tallinn Stock Exchange.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus.
Read more HERE.
We advised initial bond purchasers and mandated lead arrangers on Bite Group’s EUR 700 million bond issuance and financing
We advised initial bond purchasers and mandated lead arrangers Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, ING Bank N.V., London Branch and UniCredit Bank AG on Bite Group´s EUR 700 million bond issuance and financing.
Bite Group is a telecommunications and media group based in the Baltics that is controlled by international asset management company Providence Equity Partners.
The proceeds from the bond offering, together with cash in hand, will be used to repay Bite Group’s existing financial debt and to return capital to shareholders. To secure the financing the issuer’s group will provide collateral packages in Lithuania, Latvia, and Luxemburg.
It is the largest bond issue by a private Baltic company to date.
We advised the clients in cooperation with international law firm Latham & Watkins. The pan-Baltic team included partner Ermo Kosk, senior associates Kadi Sink and Sandra Värk, counsel Rain Raa, in Estonia, foreign counsel Zinta Jansons, associate partner Valters Diure, senior associate Beata Plociņa and associate Marta Cera in Latvia, partner Giedrius Stasevičius, senior associate Gintarė Skrolienė, junior associate Ainis Augustas Petrulis, associate partner Miglė Petkevičienė, associate Dovydas Gudžiūnas, associate Paulius Vaitkevičius and associate Edita Sinickaitė in Lithuania.
Coop Pank has selected Ellex Raidla as legal adviser for the initial public offering (IPO) of its shares
In early June the supervisory board of Coop Pank instructed the bank’s management board to begin preparations for the public listing of shares on Tallinn Stock Exchange. The earliest that the IPO could take place is in autumn 2019.
For the initial public offering (IPO) of its shares, Coop Pank has selected Ellex Raidla, a law office with many years’ experience of advising on banking, finance and securities market law and IPOs, as its legal adviser, while communications adviser will be Agenda PR and financial adviser LHV.
Ellex Raidla team is led by Partner Raino Paron as well as Senior Associates Alla Kuznetsova and Kadi Sink.
Read more HERE.
Advising LHV Group AS in relation to the public offering of additional subordinated bonds
Our Partner Gerli Kilusk and Associate Kadi Sink are advising LHV Group in relation to the public offering of additional subordinated bonds.
LHV offers publicly up to 15,000 additional subordinated bonds of LHV under the name of ”LHV Group subordinated bond 28.11.2028” with the nominal value of EUR 1,000, interest rate offered to the investor 6.0% per annum and maturity date 28.11.2028. LHV has the right to increase the offering volume until issue date by EUR 5 million and issue up to 5,000 additional subordinated bonds as a result of which the total number of the bonds offered in the course of the public offering may be up to 20,000 and the total volume of the offering may rise to EUR 20 million. The public offering is carried out only in Estonia.
The offering is the first part of LHV’s previously approved bond program. Under the program, LHV intends to issue subordinated bonds in a total volume of up to EUR 45 million in the course of several issues.
Read more HERE.
Education
University of Tartu
Master of Laws
Master of Laws
Membership
2017-...
Estonian Bar Association
Member
Member
Publications
Juridica, 2015 /5, Prohibition on the Calculating of Fines for Delay on Interest and Fines for Delay, Its Developments in Case Law and Legislative Drafting
2015
Juridica, 2015 /5, Prohibition on the Calculating of Fines for Delay on Interest and Fines for Delay, Its Developments in Case Law and Legislative Drafting
Authors:
Summary
Charging a reasonable fee for lending out money is generally considered a common business practice. Subsection 397 (1) of the Law of Obligations Act (LOA) also states interest shall be paid on loans granted in economic or professional activities. Unlike rent and commercial lease payments or the price of goods to be paid under a sales agreement, different restrictions have applied to the fee on loans throughout history, be it a complete prohibition on adding a fee, a maximum limit to such a fee, or a prohibition on compound interest. Such restrictions also include the prohibition established in subsection 113 (6) of the LOA stating that a penalty for late payment shall not be required for a delay in the payment of interest.
The article addresses the main issues regarding this prohibition. The first and the most important starting point is the issue of whether the prohibition to require a fine for delay should also extend to requests for default interest and fines for delay that have become due, or should it only extend to so-called prospective agreements. Secondly, is compound interest, i.e. retrospectively concluded agreements on adding the interest accumulated before the interest becomes due to the main part, and then requesting interest on the total sum received, an acceptable practice or should the possibilities of using compound interest also be restricted. Thirdly, in case of assuming the position that only prospective agreements on requesting fines for delay should be prohibited, would the restriction be justified in the case of interest.