Storent bond issue raises €10.5 million

Photo: Storent

Storent Holdings, parent company of Latvian equipment rental company Storent, has confirmed it has raised more than €10.5 million from an offering of public bonds that it launched in May.

According to the Baltic company, the bonds raised came from close to 1,000 investors and will enable it to continue to develop as a business and evolve into new areas.

Effective from June 26, the bonds have been added to the trading on the Nasdaq Baltic Bond List by Nasdaq Riga and have an annual interest rate of 11%.

Andris Pavlovs, founder and owner of Storent Holdings said, “We are pleased to have managed to raise more than €10 million, which shows the confidence of private investors in the company and in our vision for the future.

“Raised funds will allow Storent Holdings to develop and achieve even better results, as well as evolve new business directions and increase competitiveness in this volatile market situation. We will continue to be industry leader in digitalisation and innovation of rental business, while focusing on providing the best possible service to our customers and partners in all countries Storent Holdings operates.”

Founded in 2008, Storent is one of the largest rental companies in the Baltic region and has a range of access, earthmoving, power tools and compaction equipment as part of its fleet. 

Active in Latvia, Finland, Sweden, Estonia and Lithuania, the company has 26 rental depots.