Following the completion of Storent Europe’s public bond offering, investor demand reached €12.96 million, exceeding the initially planned amount of €10 million. In response to strong investor interest, the company decided to satisfy all subscription orders and allocate the full €12.96 million subscribed.
The bonds were offered publicly and simultaneously in all three Baltic countries from August 25 to September 10. The bonds carry a fixed annual interest rate of 10%, have a maturity of 3.5 years, and a nominal value of €100. The proceeds will be used to refinance bonds maturing in September 2026 and to support the company’s further growth.
Storent bonds attracted both retail and institutional investors. Institutional investors accounted for approximately 30% of total demand, while retail investors accounted for 70%. In terms of the amount invested by retail investors, the largest share came from Latvia at 68%, followed by Estonia at 21% and Lithuania at 11%.
In terms of the number of investors, Estonia was the most active market, accounting for 51% of all retail investors. Latvian investors accounted for 35% and Lithuanian investors for 14%. In total, more than 1,200 investors participated in the issue. Storent’s total investor base has surpassed 5,000 and is currently one of the largest in the Baltics.
Andris Pavlovs, founder and Chairman of the Management Board of Storent Europe, noted that the results of the offering demonstrate strong investor confidence in the company’s growth strategy.
“In recent years, we have made significant investments in our rental fleet and technology while expanding our operations in the United States, which has already become our second-largest market. Since our first bond issue in 2017, we have consistently strengthened our relationships with investors across the Baltic countries, so we greatly appreciate the fact that demand for this offering exceeded the initial target. We thank every investor who has chosen Storent and supports our growth direction,” said A. Pavlovs.
Kristiāna Janvare, Head of Investment Banking at Signet Bank, said that Storent is an excellent example of how a Latvian company can use the Baltic capital markets as part of its financing strategy while pursuing ambitious international growth plans.
“Companies like Storent can encourage other businesses to be more ambitious and take bolder steps. By maintaining an active dialogue with investors, they also demonstrate how to better familiarize the market with their business and the opportunities offered by bonds,” said K. Janvare.
During the offering, investors holding bonds from the previous issue (ISIN LV0000850345) were offered an exchange opportunity. This was the third time investors had been given the opportunity to exchange these bonds for new ones. Across all three exchange offers, investors exchanged approximately 48% of all bonds eligible for exchange.
The remaining bonds with ISIN LV0000850345, with a total value of €5,242,200 and held by investors who did not participate in the exchange offer, will be redeemed at maturity on September 21, 2026. Investors who participated in the exchange offer will receive a 1% exchange premium and accrued interest on the exchanged bonds within 10 business days from the issue date.
Settlement of the bonds will take place on September 17, 2026, and on the issue date Storent plans to submit an application for their admission to the Baltic Bond List of the Nasdaq Riga regulated market.
Interest (coupon) payments on the bonds will be made quarterly. The first payment is scheduled for December 17, 2026.
The bond issue is arranged by Signet Bank, with law firm Cobalt acting as legal counsel.
Storent has been active in the capital markets since 2017. This offering marks the company’s seventh bond issue. All three previous bond issues that have reached maturity have been repaid in full and on time. More than 5,000 investors from approximately 20 countries currently hold the company’s securities.
For more information:
Baiba Onkele
Member of the Management Board and Chief Financial Officer
Storent Europe
[email protected]
Storent Europe