Storent Holding bond offer oversubscribed, company raises 8.7 million eurosInsider information, 2024-03-19 16:11 CET --
Latvia's leading construction equipment rental company Storent Holding, which is one of the largest suppliers in the Baltic states, announces that during the public offering of its notes the company has attracted 8.7 million euros with an interest rate of 10%.
During the offer period investors submitted 1,445 subscription orders with the total demand of EUR 8,658,500 exceeding the EUR 7,000,000 bond offer by 24%. Estonian investors contributed 49% of the total demand, Latvian investors 30% and Lithuanian investors 17%.
Andris Pavlovs, Co-founder and Chairman of the Board of Storent group: “This is already the second Storent bond issue in a row when investor demand has exceeded the number of bonds offered. Close to 3,000 private investors have shown their trust in Storent, which is of the utmost importance to us. We decided to meet the entire oversubscribed demand, as it will enable the company to accelerate the renewal of rental equipment.”
“We thank everyone who participated in the offering, including multiple institutional investors from the Baltics, who have demonstrated their belief in the company's development strategy and have recognized Storent's strong track record,” Pavlovs added.
Storent Holding notes have a maturity date of September 21, 2026. The interest rate is 10%. Settlement of the notes is expected on March 21. The issuer did not use its rights to subscribe for the bonds during the initial offering period. Storent Holding thanks investors for the active subscription to the company's notes.
For media inquiries please contact:
Baiba Onkele
Storent Holding CFO
baiba.onkele@storent.com
www.storentholding.com
About Storent:
Storent was established in 2008 with the goal of developing an efficient construction equipment rental company. Currently, the company operates 26 rental depots with a fleet of equipment worth more than EUR 160 million. Storent is the largest construction equipment company in Latvia and has one of the largest market shares in Estonia and Lithuania, and extensive operations in Finland and Sweden.
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