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.
