CleanR Grupa bond issue

About company

With its history dating back as far as to 1944, CleanR Grupa is the market leader in Latvia, mainly providing waste management and sorting services.

The Group is the largest and most experienced operator offering the widest range of waste management services in Latvia, with an estimated 28% market share.

The Group also is one of the largest service providers offering innovative cleaning solutions (robotic technologies, nanotechnologies, spray wash equipment, etc.) in offices, shopping centres and production areas operating in more than 500 facilities. The Group is in top-3 largest cleaning services provider in Latvia.

Proceeds from the inaugural bond issue will be directed to finance the Group’s planned investments and M&A transactions.

CleanR Grupa is owned by Guntars Kokorevičs, former CEO of Riga Stock Exchange and Dalkia Latvia (part of Veolia Group), who in 2014 acquired the business from Finnish waste management Group L&T. Guntars is Chairman of Council of the Group.

Term Sheet

Issuer

AS CleanR Grupa

Sector

Environmental services

Type

Private placement

Security type

Secured bonds

Planned issue size

15 000 000 EUR

Coupon rate

6-7% + 3M EURIBOR

Coupon frequency

Quarterly

Term

October 2025

Call Option

@102% after 2nd year,
@100.5% 3 months before maturity

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Covenants

• ICR min 3x
• Equity ratio min 30%
• Net Debt / EBITDA max 3.5x

Use of proceeds

• Financing of investment program

Listing

Nasdaq Baltic First North within 12 months after the Issue Date

Covenants

• Interest coverage ratio of min 2x
• Capitalization ratio of min 30%
• Inventory coverage ratio of min 1.4x

Arranger

Signet Bank AS

Additional information

CleanR Grupa bond issue

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CleanR Grupa presentation

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