Signet Bank raises EUR 23 million in funding for Storent Holding through a bond issuance

One of the largest equipment rental companies in the Baltics, AS Storent Holding (Storent), has successfully raised EUR 23 million in its public bond offering with a fixed interest rate of 10%.

This marks the company’s largest bond issuance to date, attracting record-high investor interest, particularly from Latvia. More than 1,600 private and institutional investors chose to take part in Storent’s growth journey—reflecting growing confidence in the company’s strategic direction and a clear signal of an expanding investor base.

The offering saw significant interest from new investors: of the total demand, EUR 16 million came from new orders, while EUR 7 million resulted from the bond exchange offer. By number of orders, the highest activity came from Estonia (40%), followed by Latvia (37%) and Lithuania (23%). However, geographically by investment volume, Latvian investors accounted for the largest share (73%), followed by Lithuania (15%) and Estonia (13%). In total, investors from 17 countries participated.

Compared to the previous bond issuance in March 2024, where Storent raised EUR 10 million, this issuance attracted significantly greater interest—not only in terms of the amount raised and number of investors, but also in demand from institutional investors, who accounted for 22% of the total demand. This highlights growing investor confidence in Storent’s growth plans.

We extend our sincere thanks to every investor who participated in this offering and believes in our growth strategy. We are especially pleased to see employees, clients, and partners among our investors. The participation of institutional investors is particularly meaningful for us—it is a strong vote of confidence in our development potential. Storent is a fast-growing company with ambitious growth plans in our current markets as well as in the United States. The raised funding enables us to move forward with purpose, strengthen our market position, and deliver attractive returns to our investors,

emphasizes Andris Pavlovs, co-founder and Chairman of the Management Board of AS Storent Holding.

We are pleased with Storent’s ability to gain investor trust even under relatively challenging market conditions during the offering period—amid geopolitical uncertainty and new U.S. customs tariffs. Especially gratifying is the strong interest from private investors in Latvia, making this the company’s most successful local market issuance to date and reflecting growing engagement from Latvian retail investors,

adds Kristiāna Janvare, Head of Investment Banking at Signet Bank AS.

The proceeds from the bond issuance will be used for debt refinancing and to support the company’s expansion plans, which may include acquisitions in existing markets and the U.S., as well as new investments in expanding the equipment fleet.

Storent is an experienced bond issuer—this is its third public bond offering. Previously, the company raised EUR 10 million through a bond offering in 2024 and EUR 15 million in 2023 through a similar process.

As part of this offering, AS Storent Holding also provided an opportunity for existing bondholders – with maturity dates of December 21, 2025 (ISIN LV0000850089) and September 21, 2026 (ISIN LV0000850345) – to exchange their holdings for the new bonds. Of the total funds raised, EUR 7 million came from such exchanges. As a result, the outstanding volume of the bonds with ISIN LV0000850089 will be reduced to EUR 10,202,500, and those with ISIN LV0000850345 to EUR 7,909,900.

Following the issuance date, AS Storent Holding will submit an application to Nasdaq Riga for the inclusion and trading of the bonds on the regulated market—Baltic Bond List.

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

Source: https://www.db.lv/zinas/as-storent-holding-emites-obligacijas-ar-10-likmi-un-ir-gatavs-jaunam-attistibas-posmam-520791