SIA Banga LTD bond issue

About company

SIA Banga LTD is canned seafood production company located in north-western part of Latvia, in Roja with roots as far as to 1947.

The Company offers wide assortment of high quality canned seafood and exports its products to more than 30 countries across four continents with key markets being Ukraine, Latvia, USA, Japan and Germany.

The proceeds from the bond issue will be used to repay the Company’s existing bank loans and finance its investment project in order to increase output capacity by twofold.

The Company is equally owned by brothers Ingus Veckāgans and Raivis Veckāgans who also run the business themselves.

The Company has a strong equity base – Capitalization ratio of 41% as of 31 December 2021, demonstrating strong shareholder support for the Company’s growth.

Term Sheet




Food manufacturing


Private placement

Security type

Senior secured bonds

Planned issue size

2 500 000 EUR

Coupon rate


Coupon frequency



May 2025

Call option

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

Nominal value

1 000 EUR

Minimum subscription

100 000 EUR

Use of proceeds

• Refinancing of existing liabilities
• Financing of investment project


• Interest coverage ratio of min 3x
• Equity ratio of min 30%
• Net Debt / EBITDA of max 4x from the Issue Date, max 3x starting from 2024


Planned listing on Nasdaq First North within 12 months from issue date


Signet Bank AS

Additional information

SIA Banga LTD bond issue
SIA Banga LTD Presentation