Cobalt has advised Latvian construction equipment rental company Storent Holdings on its EUR 10.5 million issuance of bonds with an 11% interest rate and December 2025 maturity as well as on their listing on the Baltic Bond List of Nasdaq Riga on June 27, 2023.
According to Cobalt, "Storent was established in 2008 with the goal of developing an efficient construction equipment rental company. It is the largest construction equipment company in Latvia and has one of the largest market shares in Estonia and Lithuania, with an additional market presence in Finland and Sweden." Storent currently operates a total of 26 rental depots.
According to Storent's press release, "during the subscription period, owners of Storent Investments notes with maturity on October 19, 2023, were offered to exchange them for Storent Holdings notes. 66% of bondholders exchanged their notes."
"The attracted financing will enable us to continue our growth as well as refinance current liabilities," Storent Co-Founder Andris Pavlovs commented. "I am thrilled to see that close to 1,000 investors, the vast majority of them being private investors, subscribed for the bonds and will now become part of the Storent development. I would also like to thank noteholders who have been with us for many years and chose to exchange the previous notes for new ones."
The Cobalt team included Partner Edgars Lodzins and Senior Associate Krisjanis Buss.