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Signet Bank AS
Antonijas street 3,
Riga, LV 1010, Latvia
Phone: +371 67 080 000
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AS “CleanR Grupa” that manages the leading companies of the Latvian environmental services industry, taking care of waste management, maintenance of premises, roads and urban environment, has issued bonds in the amount of EUR 15 million, thus successfully concluding the company’s first bond issue.
With an annual coupon rate of 6.5% + EURIBOR 3M and a three-year maturity, the bonds were offered in a private offering to both private and institutional investors throughout the Baltic region.
Demand for CleanR Group’s bonds exceeded supply by a significant one and a half times, including with a strong interest of Latvian investors, thus demonstrating the Latvian public’s trust in the company, its current development strategy and future goals. About half of the CleanR Group’s bondholders are institutional investors.
The significant interest and demand from investors from all three Baltic states, but especially from Latvia, indicates investors’ confidence in the sustainability of CleanR Group’s business model. The Group’s largest company “CleanR” has been a reliable partner for Latvian municipalities and residents for more than a decade, offering high-quality services, digitized customer service solutions and investing in environmental services industry innovations. We appreciate the trust of our investors and will continue to implement the Group’s business strategy with a high sense of responsibility, focusing on solutions that support sustainability and climate neutrality in all business areas.
Guntars Kokorevičs, Chairman of the Supervisory Board of AS “CleanR Grupa”
The funds raised through the bond issue will be directed to the implementation of the Group’s investment plan in order to expand and diversify the range of services offered by the Group’s companies, while strengthening the companies’ position in the field of waste management and maintenance of territories and urban environment.
AS “CleanR Grupa” bond issue was arranged by Signet Bank that provides support to the leading Baltic companies in raising funds in the capital market.
We are very pleased that such a high-quality issuer as CleanR Group has joined the Baltic capital market – it will not only expand the range of investment opportunities available to Baltic investors, but also enhance the investment culture among local investors. By participating in such an issue, investors not only get the opportunity to earn income from interest linked to EURIBOR, thus compensating for the central bank rate hike, but they also support the implementation of the local business development plan. The bond issue attracted a lot of interest from both private and institutional investors – more than 80 investors from all three Baltic states took part in it.
Kristiāna Janvare, Head of Investment Division at Signet Bank
The issued bonds are planned to be included in the First North alternative market of Nasdaq Riga JSC not later than within 12 months from the date of issue.
AS “CleanR Grupa” includes a household waste management company SIA “CleanR”, an industrial waste management company SIA “CleanR Verso”, specializing in the construction waste and recyclable resources sector, an indoor cleaning company SIA “Vizii” and an urban environment management company SIA “Vizii Urban”. The main activity of AS “CleanR Grupa”, its subsidiaries and related companies is environmental service management. The shareholder of AS “CleanR Grupa” is Guntars Kokorevičs. The Group includes a total of 20 companies, of which SIA “CleanR”, SIA “Vides resursu centrs”, and SIA “Vizii” have the largest net turnover to date.
Signet Bank was founded in 1991 and is one of the first banks of independent Latvia. The Bank’s strategy focuses on financing local entrepreneurs and their businesses, as well as on capital management. Since the beginning of 2021, Signet Bank has provided clients with financing in the form of loans and bonds in the amount of almost 500 million euros. Signet Bank’s shareholders are nine Latvian and international private investors, the largest of which are Signet Acquisition III (25%), where the only shareholder is the US investor Alexander Solovey; AS RIT Group (19.50%) – a Latvian company owned by the Rapoport family, and SIA Reglink (15.93% ), whose founder Irīna Pīgozne is a banking professional.