Baltic investors have demonstrated their support for Storent’s growth strategy – Storent Europe’s public bond offering closed with demand reaching €12.96 million, exceeding the initially planned amount of €10 million. Given the strong investor interest, the company has decided to allocate the bonds in the full amount subscribed.
The public bond offering took place simultaneously in all three Baltic countries from August 25 to September 10. The bonds carry a fixed annual interest rate of 10%, have a maturity of 3.5 years and a nominal value of €100. The proceeds will be used to refinance bonds maturing in September 2026 and to support the company’s further growth.
Storent bonds attracted interest from both retail and institutional investors across the Baltics, with institutional investors accounting for approximately 30% of total demand and retail investors for 70%. In terms of investment volume among retail investors, 68% came from Latvia, 21% from Estonia and 11% from Lithuania. By number of investors, Estonia was the most active market, accounting for approximately half, or 51%, of all retail investors, followed by Latvia with 35% and Lithuania with 14%. In total, more than 1,200 investors participated in the offering, bringing Storent’s total investor base to more than 5,000 and creating one of the broadest investor communities in the Baltics.
Andris Pavlovs, Founder and Chairman of the Management Board of Storent Europe, says: “The results of this bond offering are a strong vote of confidence in Storent’s growth strategy. In recent years, we have made significant investments in our rental fleet and technology, while also expanding our operations in the United States, which has already become our second-largest market. Since our first bond issue in 2017, we have consistently built relationships with investors across the Baltics, so we particularly value the fact that demand for this offering exceeded the initially planned amount. We thank every investor who has chosen Storent and supports our direction of growth.”
Kristiāna Janvare, Head of Investment Banking at Signet Bank, says: “Storent is a good example of how a Latvian company can use the Baltic capital markets as part of its financing strategy while pursuing ambitious international growth plans. Companies like Storent can inspire others to be more ambitious and take bold steps. By maintaining an active dialogue with a broad investor community, they also demonstrate how to build greater understanding of their business and bond investing.”
The bond offering also included an exchange offer for holders of bonds with ISIN LV0000850345. This was the third time investors had the opportunity to exchange these bonds for new ones. Across the three exchange offers, investors have exchanged approximately 48% of the bonds eligible for exchange.
The remaining bonds with ISIN LV0000850345, amounting to €5,242,200, held by investors who did not participate in the exchange offer will be repaid at maturity on September 21 this year. Investors who participated in the exchange offer will receive a 1% exchange premium together with accrued interest on the exchanged bonds within 10 business days from the bond issue date.
Settlement of the bonds will take place on September 17, 2026, and Storent plans to submit an application for the admission of the bonds to the Baltic Bond List of the Nasdaq Riga regulated market on the issue date.
Bondholders will receive coupon (interest) payments quarterly. The first coupon payment is scheduled for December 17, 2026.
The bond issue is arranged by Signet Bank, with Cobalt providing legal counsel.
Storent has been active in the capital markets since 2017, and this was the company’s seventh bond issue. All three bond issues that have reached maturity to date have been repaid in full and on schedule. Storent currently has approximately 5,000 investors from around 20 countries.
For more information:
Baiba Onkele
Member of the Management Board and Chief Financial Officer
AS Storent Europe
[email protected]