Jewelry group bond issue declared a sparkling success

Jewelry retail chain AS Grenardi Group ( which operates the GRENARDI and GIVEN brand stores), said April 16 it has successfully raised EUR 12 million in a public bond offering with a fixed interest rate of 10%. 

"Total demand for the bonds from more than 1,300 investors reached EUR 21 million, exceeding the first tranche of the EUR 12 million bond offering by 75%. Latvian investors contributed 85% of the total demand, Estonian investors for 12% and Lithuanian investors for 3%," said a company release. 

Ģirts Rudzītis, Chairman of the Board and CEO of AS Grenardi Group said: "The high investor activity is proof that not only we, but also investors appreciate the resilience of the jewelry industry, which is reflected in the rapid growth and development of the Group in recent years. We thank every investor who expressed confidence in the company by participating in the public bond offering. I am confident that together we can reach new heights."

Within one month from the issue date, investors who have invested at least EUR 500 are invited to apply for the AS Grenardi Group investor loyalty program on the company's website.

Grenardi Group bonds will be listed on Nasdaq Riga regulated market Baltic Bond List. Proceeds from the bond issue will be directed towards refinancing the Group’s existing bonds, as well as financing further growth – expansion of its store network and assortment and financing of acquisition transactions, the company said.

The bonds have a maturity of three years with a fixed interest rate of 10%. The bonds will be settled on 19 April, 2024.

AS Signet Bank acted as the arranger in the bond offering, while legal advice was provided by Eversheds Sutherland Bitāns.

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