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Published: 2024-02-29 11:49:22 CET
Storent Holding
Inside information

Storent Holdings SIA announces a public offering of notes in the amount of EUR 7 000 000

Insider information, 2024-02-29 11:49 CET --  

Storent Holdings SIA, Latvia's leading construction equipment rental company, one of the largest suppliers in the Baltic states, announces the public offering of notes in the total amount of EUR 7 000 000, with a fixed interest rate of 10% and maturity date of September 21, 2026 (Final Terms of issue of notes attached).

The Notes are issued in accordance with the Base Prospectus of SIA “Storent Holdings” approved by the Bank of Latvia on May 30, 2023, and the Supplement No. 1 to the Base Prospectus approved by the Bank of Latvia on February 28, 2024 for the Programme for the Issuance of Notes in the Amount of EUR 25,000,000.

Andris Pavlovs, co-founder and Chairman of the Board of Storent group: “Additional capital will enable our company to strengthen positions in the Baltic markets and advance our expansion in Finland and Sweden. Last year around 1 500 investors from 13 countries already chose to invest in the company and subscribe for its bonds.”

“The company has used the financing attracted in 2023 to significantly renew the company's fleet, refinance existing liabilities, and is continuing to evaluate merger and acquisition opportunities in the region,” Pavlovs added.

Main terms of the offering

Storent Holdings SIA is offering 70 000 notes with a nominal amount of EUR 100 per note. The maturity date is 21 September 2026.

The interest rate is 10%. The subscription is open to both institutional and private investors. The subscription period starts on March 4 and will last until March 18, 2024. The results will be announced on March 19.

The number of notes offered is limited, thus, in case of oversubscription, notes will be allocated to those investors who subscribed earliest.

According to the terms and conditions of the notes, Storent Holdings SIA has the right to purchase its notes during their initial placement in the primary market. Storent Holdings SIA informs that depending on the results of signing the bonds, there is a possibility that Storent Holdings SIA will use this right.

The new issue of notes will be admitted to trading on the Baltic Bond List of Nasdaq Riga.

Timetable of the offering 

Start of the offering period 4 March 2024

End of the offering period 18 March 2024

Announcement of the results 19 March 2024

Settlement 21 March 2024

Invitation to participate in a webinar

Potential investors are welcome to join an investment webinar call on March 12, at 16:00 EEST. During the webinar, the company's management will introduce the company's profile, present the note offering, and address questions raised.

In 2023, in line with the company's unaudited financial results, Storent Holdings reached 43.8 million euros in total sales and a profit before tax of 4.8 million euros in 2023. The company's EBITDA reached 14.1 million euros which was 5% higher than last year.

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.

For media inquiries please contact:

Baiba Onkele

Storent Holdings CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com


2024.02.21. Storent Supplement No. 1 SIGN.pdf
2024.02.29. Final Terms Storent Holdings SIA Second Series fin.pdf
2024.02.29. Issue Specific Summary EE.pdf
2024.02.29. Issue Specific Summary LT.pdf
2024.02.29. Issue Specific Summary LV.pdf