SIA Arsenal Industrial bond issue

About company

Arsenal is a top 4 Baltic construction machinery rental and sales company. Founded in 2014, the Group currently has c. 70 employees.

The Group offers a diverse range of construction equipment for renting and purchasing, including lifts, road construction equipment, tools, compaction and concrete machinery, all falling under the 10-ton category.

Arsenal’s key equipment brands include Sunward, JCB, Komatsu, Gehl, Manitou, Bosch, Husqvarna, Geda, Swepac, Baumax,  Karcher and more.

The Group is guided by a seasoned management team, led by the CEO and majority shareholder Gints Vanags (51%), who brings experience from various rental companies and has been with Arsenal since its inception. KS FlyCap Investment Fund I AIF holds the minority share (49%).

Additional information:

Term Sheet


SIA Arsenal Industrial


Construction equipment rental

Offer Type

Private placement

Security type

Senior secured bonds


Commercial pledge on:
• Assets of the Issuer;
• Assets of Arsenal Industrial OU;
• Assets of Arsenal Industrial UAB;
• 51% shares of the Issuer

Issue size

EUR 4 500 000

Coupon rate


Coupon frequency





May 2026

Call option

@102% after 1st year
@100% 3 months before maturity

Put Option

In case of Change of Control @101%

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000


• Interest coverage ratio of min 2x
• Adjusted Equity ratio of min 15% until Q4’2024; and 20% from Q1’2025
• Net Debt / EBITDA of max 4.0x until Q4’2024; and 3.0x from Q1’2025
• Collateral Coverage Ratio of min 1.25x

Use of proceeds

Refinancing of CVI bonds


• Nasdaq Baltic First North within 6 months after the Issue Date


Signet Bank AS

Additional information

SIA Arsenal Industrial bond issue