Storent Holding hits €23 million bond issuance milestone amid global market uncertainty

AS Storent Holding (Storent), one of the largest equipment rental companies in the Baltics, has successfully raised 23 million euros in its latest public bond offering, with a fixed annual interest rate of 10%. This marks the company’s largest bond issuance to date and attracted record number investor interest, especially from Latvia. More than 1600 private and institutional investors chose to take part in Storent’s growth story. This demonstrates growing confidence in the company’s strategic direction and reflects an expanding investor base.

There was significant interest in AS Storent Holding bonds from new investors — out of the total demand of €23 million, €16 million came from new subscriptions, while €7 million were submitted through the bond exchange offer. Looking at the activity of new investors, based on the number of orders submitted, investor activity was highest in Estonia at 40%, while Latvia and Lithuania accounted for 37% and 23% respectively. Geographically, Latvian investors contributed the largest share of the total demand by volume, accounting for 73%, followed by investors from Lithuania with 15% and Estonia with 13%. In total, investors came from 17 countries. Compared to the previous bond issue in March 2024, where the company raised 10 million euros, this issue attracted significantly higher interest — both in terms of the funding attracted and the number of investors, as well as the share of demand from institutional investors, which exceeded 22% of the total. This highlight growing investor confidence in Storent’s growth plans.

“We’re deeply grateful to every investor who participated in this offering and supports our growth strategy. It's particularly rewarding to see our employees, clients, and partners among the investors. We’re especially pleased to see interest from institutional investors – their involvement is a clear sign of trust and recognition of our business and strategic direction. Storent is growing rapidly, with ambitious plans in both our core markets and the U.S. The funds raised will support our growth strategy, strengthen market positions, and create value for our investors,” says Andris Pavlovs, co-founder and Chairman of the Management Board of AS Storent Holding.

“It is noteworthy that Storent was able to gain investor trust even under relatively challenging market conditions that prevailed during the public bond offering, driven by geopolitical uncertainty and the introduction of U.S. import tariffs. Particularly strong interest from Latvian private investors made this the most successful issuance in the company’s history in the local market and highlights the growing activity of Latvia’s private investor base,” says Kristiāna Janvare, the Managing Director of Investment Banking of Signet Bank AS.

The proceeds from the bond issuance will be used to refinance existing obligations, support expansion plans — including potential acquisitions in current and U.S. markets — and invest in the growth of Storent’s equipment fleet.

This marks Storent’s third public bond issuance. In 2024, the company raised 10 million euros, and in 2023, 15 million euros through a similar offering.

During the offering, AS Storent Holding also provided an opportunity for existing investors holding bonds maturing on December 21, 2025 (ISIN LV0000850089), and September 21, 2026 (ISIN LV0000850345), to exchange their bonds for the new bonds. Of the total funding raised, EUR 7 million came from existing investors who chose to participate in the exchange offer. As a result, the outstanding amount of bonds with ISIN LV0000850089 will be reduced to EUR 10,202,500, and the amount of bonds with ISIN LV0000850345 will be reduced to EUR 7,909,900.

Following the issuance date, AS Storent Holding will apply for the bonds to be listed on the regulated market, Nasdaq Riga, under the Baltic Bond List.

Settlement for the bonds will take place on April 25, 2025. Investors will receive coupon (interest) payments quarterly.

The lead arranger of the bond program is “Signet Bank” AS, with AS “LHV Pank”, AB “Šiaulių Bankas” un “Redgate Capital” AS acting as distribution partners. Legal advice is provided by “ZAB COBALT” SIA.