Storent closes €4.5 million bond offering

Photo: Storent

Storent Holdings has said its public offering of €4.5 million in bonds has been oversubscribed by 62%.

The bonds, which opened on September 25 and have an 11% interest rate, attracted a total demand of €7.2 million from 1325 unique investors.

The proceeds will be used to repay a loan from a previous majority shareholder, boost growth in new investments and refinance existing AS Storent Investems bond issue.

Andris Pavlovs, co-founder and chairman of the board of Storent Group said, “The bond issue was oversubscribed by 62%, and the overall number of investors who subscribed grew by 43%, compared to the bond issue that we held in May.

“It shows there is a strong interest and belief in the innovations Storent brings to the market. We will continue to develop the company as a modern rental business.”

“With the current offering, we have expanded our loyal private investor base who are now a crucial part of the Storent story. We would like to thank all investors who participated in the offering and value highly the trust shown also by the investors whose orders were not satisfied.

Pavlovs added that the additonal financing will help the company to “increase the pace at which we will continue our growth both geographically and by increasing our market share in existing markets.”

The bonds have a maturity date of 21 December 2025, with a settlement expected on 12 October.