Latvia's leading construction equipment rental company Storent Holdings, one of the largest suppliers in the Baltic states, announces that during the public offering of its bonds the company has attracted EUR  10 500 000  with an interest rate of 11%.

In the words of Andris Pavlovs, co-founder of Storent and Board member of Storent Holdings: “The attracted financing will enable us to continue our growth as well as refinance current liabilities. I am thrilled to see that close to 1000 investors, the vast majority of them being private investors, subscribed for the bonds and will now become part of the Storent development.”

“I would also like to thank noteholders who have been with us for many years and chose to exchange the previous notes into new ones. On the other hand the biggest disappointment was that none of the institutional investors in the Baltics decided to support a local ambitious company. It seems that institutionals would rather invest abroad,” Pavlovs added.

Storent Holdings new bonds have a maturity date of 21 December 2025. The interest rate was determined through an auction, and all investors will receive bonds with an interest rate of 11%.

During the subscription period owners of Storent Investments notes with maturity on 19 October 2023 were offered to exchange them for Storent Holdings notes. 66% of bondholders exchanged their notes.

Settlement of the bonds is expected on 21 June. Nasdaq Riga has made a conditional decision to list the bonds on the Baltic Bond List on June 26. Investors, who chose to exchange their Storent Investments notes, will receive the 0.5% commission and accrued interest payment no later than 5 July.

The management of Storent Holdings has approved the final terms with amended issue amount and the coupon rate. The Base Prospectus for the Issuance of Notes of Storent Holdings SIA registered by the Bank of Latvia enables the company to raise up to EUR 15 million, thus the company plans to issue additional bonds in the upcoming months.

Storent Holdings thanks investors for the active subscription to the company's bonds. Investors who could not subscribe due to technical issues are welcome to contact the company.

For media inquiries please contact:

Baiba Onkele

Storent Holdings CFO

baiba.onkele@storent.com

www.storent.com 

About Storent: 

Storent was established in 2008 with the goal of developing an efficient construction equipment rental company. It is the largest construction equipment company in Latvia and has one of the largest market shares in Estonia and Lithuania, with an additional market presence in Finland and Sweden. Storent currently operates a total of 26 rental depots.