
Rain Raa
Counsel
+372 640 7170
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Rain Raa is a counsel at Ellex Raidla, specialising in Banking and Finance. Before joining Ellex Raidla, Rain has worked as a corporate and commercial banking lawyer for AS SEB Pank and UniCredit Bank AS Estonian Branch (formerly HypoVereinsbank AG Estonian Branch) and has advised banks on several major domestic and international financing and syndicated loan transactions.
Rain is a graduate of the Faculty of Law of the University of Tartu and holds a master's degree in LL.M Finance from the University of Frankfurt in Germany as part of the master's program at the Institute for Law and Finance.
Rain has previously worked in the Ministry of Finance and the Financial Supervision Authority, as well as completed banking law practice at Dresdner Bank AG (now Commerzbank AG) in Hamburg and at Shearman & Sterling law firm in Frankfurt.
*According to Art. 40 (3) of the Bar Association Act, lawyers do not provide legal services. Lawyers are assisting the attorneys.
Rain Raa
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Liven raised 2 million euros
Real estate development company Liven issued bonds in the amount of 2 million euros and will build a new residential and commercial building in Tallinn.
Liven Kodu 17 OÜ, a subsidiary of Liven AS, issued 20 mortgage-backed bonds with a nominal value of 100,000 euros in a total amount of 2 million euros with a redemption date of 31.03.2023 through a non-public offer. The proceeds from the issue will be used to finance the project of Juhkentali 48.
According to Andero Lauri, CEO of Liven AS, the proceeds from the issue will be used for the construction of a new residential and commercial building near Tallinn Bus Station. "This property is located in a rapidly developing area, the value of which is shaped by the planned major development on Sossi Hill as well as the large-scale project of Tallinn Central Market," Laur explained.
According to Andero Lauri, today's home buyer appreciates the downtown and the nearby locations: “In the Juhkentali area, there are important and decision-making factors in choosing a home: schools, sports facilities and various leisure opportunities. The city center is also just a short walk away.” The new commercial and residential building will be completed by the end of 2023.
Liven was advised on the bond issuance by Ellex Raidla's Partner Ermo Kosk and Counsels Toomas Kasesalu and Rain Raa.
Industry
Real Estate & ConstructionField of practice
Banking & Finance
LHV pension funds to invest in renewable energy company Sunly
LHV’s pension funds are set to invest up to 14 million euros in the bonds of the renewable energy company Sunly Land. With the investment, the company plans to grow its renewable energy portfolio, extending its business operations in Poland.
The pension fund investment will be made in the form of bonds with an interest rate of 8%. The renewable energy company’s bonds will be redeemed after five years.
LHV pension fund portfolio manager Maarja Pärs says that three important aspects make the Sunly investment special. “We’re contributing to the growth of Estonian capital abroad, we’re championing the rise of green energy and we’re earning decent returns for our pension clients,” she said. “So that’s three good things in one.” Pärs added that in making investments LHV is always guided by the principle that every injection of capital should be based on mutually beneficial relations. “Sunly’s growing very nicely at the moment and we feel we can be of use to each other as it continues to grow,” she explained.
In addition to Poland, Sunly is also constructing solar parks in Estonia, where the company is developing wind parks both on land and at sea. In its 1,5 year of operations, it has invested 25 million euros in renewable energy.
LHV pension funds are managed by AS LHV Varahaldus. The funds have approximately 185,000 clients. LHV offers both actively and passively managed II and III pillar pension funds valued at almost 1.5 billion euros in total.
LHV pension funds were advised on the investment by Ellex Raidla’s Partners Ermo Kosk and Gerli Kivisoo, and Counsels Toomas Kasesalu and Rain Raa.
Read more here.
Industry
Financials & InvestmentsField of practice
Banking & Finance
We advised KredEx on a EUR 37 million loan to Alexela Varahaldus
Fuel company Alexela Varahalduse AS and state credit body KredEx reached an agreement for a coronavirus loan of €37 million, allowing the company to maintain more than 500 jobs at oil shale producer Kiviõli Keemiatööstus, managed by Alexela Group.
KredEx chief Ivo Kuldmäe said it is important to support companies all over Estonia and to offer them support to allow them to bypass difficulties stemming from the coronavirus crisis. New investments are also important.
Kuldmäe said: "Along with the crisis measures, we have made more than €452 million available to 778 entrepreneurs. Some of that has gone to overcome coronavirus difficulties, but some of it also has gone to making necessary investments for business development."
The freshly appointed KredEx chief added: "The key of putting crises behind us always lies in cooperation, which is why companies, banks and the state must work together to overcome difficulties and realize new opportunities. The loan given to Alexela allows us to maintain more than 500 jobs in Ida-Viru County, making up almost a third of all concern employees. It is a good example of just this type of cooperation."
The loan agreement sees 40 percent of Alexela Varahalduse AS' shares as collateral and the collateral is also supplemented by Alexela group resources. Alexela must maintain the aforementioned 500 jobs at Kiviõli Keemiatööstus as per conditions of the agreement.
KredEx has granted loans to businesses of all sizes hit by the coronavirus pandemic, most notably €100 million to shipping line and hotels operator Tallink, €39 million to real estate development Porto Franco and €10 million to aircraft maintenance firm Magnetic MRO.
Ellex Raidla's team who advised KredEx on the deal included Partner Ermo Kosk, Counsels Toomas Kasesalu and Rain Raa, and Senior Associate Martin Mäesalu.
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.
We advised the European Investment Bank (EIB) on a EUR 25 million loan to the North Estonia Medical Centre
The European Investment Bank signed a 25 million loan agreement with the North Estonia Medical Centre which supports the construction of the new psychiatric clinic as well as the Y-building, where the oncology centre, haematology and pathology will start to operate.
The new facilities will enable the optimization of healthcare processes, the hospital reports. This is the second loan investment of the European Investment Bank to the North Estonia Medical Centre – in 2011, the construction of a new diagnostic and treatment building was financed.
Over the past five years, the European Investment Bank has allocated almost 835 million euros to Estonian projects, including to the technology, infrastructure and transport sectors.
Ellex Raidla's team assisted the European Investment Bank in matters of Estonian law in this transaction. The team included our managing partner Ants Nõmper, partner Ermo Kosk, counsel Rain Raa and associate Kairi Kilgi.
Find out more here.
Education
University of Tartu, Estonia
Bachelor of Laws (LL.B.), officially equivalent to MA
Bachelor of Laws (LL.B.), officially equivalent to MA
Goethe University Frankfurt (Germany), Institute for Law and Finance
Master of Laws (LL.M.), Finance
Master of Laws (LL.M.), Finance
Publications
Sündikaatlaen on võimalus suureks finantseeringuks (Syndicated loan is an opportunity for great financing)
2011
Sündikaatlaen on võimalus suureks finantseeringuks (Syndicated loan is an opportunity for great financing)
Talgre, M., Raa, R.. Portfolio. SEB Eesti Newsletter, Spring 2011.
Juridica, 5, 301–311
2009
Juridica, 5, 301–311
Sidorenko, N., Raa, R. (2009). The Character of and Legal Issues related to Syndicated Loans.