L. J. Linen  bond issue

About the Company

With its origins dating back to 1994, SIA L. J. Linen (Group) is a family owned B2B agro-products trading company with presence in 4 continents and 50+ countries, and with approximately 161 suppliers and 354 clients worldwide.

The Group trades animal origin products and grains that have wide application in animal feeds, organic fertilizers, pet food, aquafeed, biodiesel, and cosmetics. 

The Group sources goods from nearly all producers of animal proteins and fats in the EU, with key suppliers Saria and Darling Ingredients – two of the largest global producers.

L. J. Linen is wholly owned by the founder and Chairman of the Management Board Jānis Kuļikovskis. The Management team is formed by a combination of family members and market professionals, all with significant experience in the industry.

By linking animal by-product recyclers with animal food and other goods producers, the Group boosts the use of processed animal proteins and fats. This feed ingredient trading supports the circular economy and reduces fossil fuel dependency, enabling an environmentally sustainable business model.

The Group has grown at a CAGR of 36.6% since 2020, increasing its top-line from EUR 16.3m to EUR 56.6m in 2024.

Additional information:https://ljlinen.com/

Presentation

Term sheet

Issuer

SIA L.J. Linen

Security type

Unsecured Guaranteed Notes

Offer type

Private placement

Guarantee

Corporate guarantee from SIA Jaze Capital Holdings, SIA Afrifeed, LIONPRO B.V. and any Material Subsidiary

First tranche

Up to EUR 8,000,000

Program size

Up to EUR 10,000,000

Coupon rate

11.00%

Coupon frequency

Monthly

Maturity

3 years

Principal repayment

Maturity date, bullet

Call Option

• @102% + all remaining coupons for the year during the 1st year
• @102% after the 1st year
• @101% after the 2nd year
• @100% 6 months before maturity

Put Option

Change of Control – @101%

Nominal value

EUR 1,000

Minimum subscription

EUR 100,000

Listing

Listing on Nasdaq Riga First North within 12 months after the Issue Date

Use of proceeds

Financing general corporate purposes

Covenants

• Interest Coverage Ratio min 3.0x
• Equity Ratio min 25%
• Net Debt / EBITDA max 4x during the first year from the Issue date; max 3x onwards

Arranger

Signet Bank AS