Storent issues €4.5 million bond

Photo: Storent

Latvia-based Storent Holdings, the parent company of rental firm Storent has issued a €4.5 million bond offering. 

Opened on the 25 September, the bond will enable the company to “boost growth by new investments, refinance the existing AS Storent Investments bond issue and repay a loan from the previous majority shareholder”, the company said.

The bonds have a fixed interest rate of 11%, with subscriptions set to close on 9 October.

A maturity date is set to 21 December 2025, while Storent has made the subscription open to both institutional and private investors. 

Storent said the number of notes offered is limited and in case of oversubscription, notes will be allocated to investors who subscribed earliest.

Andris Pavlovs, co-founder and chairman of the board of Storent group said, “We are thrilled to open the second opportunity for private investors to purchase Storent Holdings notes. So far we have raised financing from almost 1000 private investors.

“The company is actively renewing its fleet, and the additional financing will enhance the further growth of Storent Holdings.”

The issuing of the bonds is the second in which the company has carried out this year. The company raised more than €10.5 million from an offering of public bonds that it launched in May.