Grenardi Group bond issue

About Group

Grenardi Group is the largest regional chain of both affordable and luxury jewellery stores with double-digit growth, operating 82 stores across 34 cities and 3 countries under GIVEN and GRENARDI brands.

On Dec 1, 2023, AS GIVEN Jewellery acquired the GRENARDI retail chain and was renamed AS Grenardi Group after the transaction. The Group operates two distinct jewelry retail brands, GIVEN and GRENARDI, each catering to differentiated market segments by offering both affordable and luxury jewelry options.

The product offering of the Group primarily consists of precious jewellery from gold and silver, as well as watches. The Group also provides split payment services, gold exchange, gift card purchases, as well as engraving and jeweler services.

Since opening the first GRENARDI store in 2000 as a family business, the Group has expanded its operations organically, entering Estonia in 2004 and Lithuania in 2022, and is now the market leader in the Baltics, ranked #1 in Latvia, #2 in Estonia, and #3 in Lithuania.

In 2023, Grenardi Group continued its growth in the Baltics, with revenue increasing by 40%. The growth was driven by expansion of the retail chain, sales growth in the existing store network and the acquisition of GRENARDI.

As of December 2023, the Group has commendable financial health, with pro-forma capitalization ratio of 36%, inventory coverage ratio of 2.3x and an interest coverage ratio of 3.0x The bond issue is secured by a first ranking commercial pledge on assets of all subsidiaries, predominantly highly liquid inventory valued at EUR 15.5m, mainly comprising by gold jewelry.

Term Sheet


AS Grenardi Group




Public offering

Security type

Senior secured bonds

Bond program

Up to EUR 17 000 000

First tranche

EUR 12 000 000

Coupon rate


Coupon frequency





16 April 2027 (bullet)

Call option

Year 1 – No call
Year 2 – @102%
Year 3 – @101%
6 months before maturity – @100%

Nominal value

EUR 100

Minimum subscription

EUR 100


• Capitalization ratio min 30%
• Inventory coverage ratio min 1.25x
• Interest coverage ratio min 2x

Use of proceeds

Refinancing of the Group’s existing liabilities, investment in working capital and financing M&A activities


Nasdaq Riga Baltic Regulated Market within 3 months after the Issue Date


Signet Bank AS

Offer for LV0000860054 bondholders (maturity 30 Apr 2024):

Exchanging existing bonds for new bonds (1:10 exchange ratio)

Additional information

Grenardi Group bond issue