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Cobalt Advises Storent Holding on EUR 8.7 Million Bond Issuance

Cobalt Advises Storent Holding on EUR 8.7 Million Bond Issuance

Latvia
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Cobalt has advised Latvian construction equipment rental company Storent Holdings on a new bond issuance, which raised EUR 8.7 million for notes with a 10% interest rate.

"This issuance once again attracted strong investor interest, with total demand exceeding the issue size by 24%, and subscription orders being received from 1445 investors in Estonia, Latvia, and Lithuania," Cobalt announced.

"This is already the second Storent bond issue in a row when investor demand has exceeded the number of bonds offered," Storent Group Co-founder and Chairman of the Board Andris Pavlovs commented. "Close to 3,000 private investors have shown their trust in Storent, which is of the utmost importance to us. We decided to meet the entire oversubscribed demand, as it will enable the company to accelerate the renewal of rental equipment."

Cobalt also advised on the first Storent Holdings bond issuance: EUR 10.5 million in 11% interest rate bonds with a December 2025 maturity (as reported by CEE Legal Matters on June 29, 2023).

The Cobalt team included Partner Edgars Lodzins, Senior Associate Krisjanis Buss, and Associate Maira Puzule.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.