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AS Grenardi Group bonds with a 10% interest are open for subscription today
Emitents Grenardi Group AS (9845008F599B95980934)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Versija
Datums 2024-08-14 09:12:35
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AS Grenardi Group, the parent company of GRENARDI and GIVEN stores and Baltic's leading jewellery retailer, today launches the subscription for the second tranche of its bond programme in the amount of EUR 5 million. The public offering with a fixed annual interest rate of 10% and a maturity of 3 years is open to both retail and professional investors across the Baltics and also offers the investors an opportunity to participate in the investor loyalty programme. The funds raised will be used to refinance the company's existing EUR 4 million bonds, as well as for further development, expansion of the store network and assortment. The subscription period is open until 27 August.

"By offering the second tranche of the public bond issue, we are not only enabling investors to participate in the growth of Grenardi Group, but also demonstrating our long-term vision and commitment to growth. This issue will allow us to efficiently refinance our existing liabilities and also invest in new projects that will expand our store network and assortment. With this step we are building a solid foundation and strengthening our position as the leading jewellery retail network in the Baltics," says Ainārs Spriņģis, Chairman of the Board of AS Grenardi Group.

"The new bond issue by AS Grenardi Group offers Baltic investors an investment opportunity secured by gold jewellery. The issue will be open to both existing and new investors of the AS Grenardi Group - existing investors will be able to exchange their bonds with ISIN code LV0000860104 and maturity date in July 2025 for the new bonds, while new investors will be able to participate in the bond offering starting with a minimum investment of only EUR 100," explains Kristiāna Janvare, Head of Investment Banking at Signet Bank

Sustainable growth

Audited consolidated financial results show that the net turnover of AS Grenardi Group in 2023 reached EUR 18 million, which is 40% more than in 2022. The increase in turnover was facilitated by the expansion of the retail network, the increase in sales in the existing store network and the acquisition of GRENARDI.

The group's EBITDA indicator (earnings before interest, taxes and amortisation payments) increased by 30% last year, reaching EUR 2.9 million. The Group's pro-forma EBITDA, which also includes the results of the GRENARDI network for the full year 2023, was EUR 3.7 million.

Secured bonds with an annual coupon rate of 10%

The bonds are issued in accordance with the Base Prospectus of AS Grenardi Group registered by the Bank of Latvia on 20 March 2024, which enables the Group to raise up to EUR 17 million in total under the bonds programme and up to EUR 5 million in the second tranche.

Main terms of the offering

During the public bond offering in Latvia, Estonia, and Lithuania AS Grenardi Group will offer investors to purchase up to 50 000 bonds with a nominal amount of EUR 100 per bond, annual fixed interest rate of 10% and a maturity of three years. The subscription is open to both professional and retail investors. The offer also includes an exchange opportunity for holders of bonds with ISIN code LV0000860104 and maturity date in July 2025 to exchange their existing bonds for new bonds. The bonds will be secured by pledges on assets of AS Grenardi Group subsidiaries, which primarily consist of highly liquid gold jewellery. This provides investors with an additional level of comfort when making their investment.

Investors loyalty programme

AS Grenardi Group will offer investors to join a loyalty programme. Investors committing over EUR 500 during the initial bond offering unlock the exclusive opportunity to enroll in its loyalty programme. This entitles them to enjoy a 15% discount on purchases made at GRENARDI and GIVEN stores, along with tailored benefits based on their investment amount. More information on the loyalty programme is available at https://grenardi.group/en/investors/.

Timetable of the offering

Start of the offering period 14 August 2024

End of the offering period 27 August 2024

Announcement of the results 28 August 2024

Settlement 30 August 2024

About AS Grenardi Group:

AS Grenardi Group is the parent company of GIVEN and GRENARDI in the Baltics. As of June 30, 2024, AS Grenardi Group operates a total of 81 stores – of which 74 GIVEN chain stores and 7 GRENARDI chain stores. Additionally, the Group has five online stores: www.given.lv, www.given.ee, www.given.lt, www.grenardi.lv and www.grenardi.ee.

GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.

GRENARDI has been the leading luxury jewellery retail chain in Latvia and Estonia for more than 20 years. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections.

Disclaimer: This announcement is an unpaid marketing communication in accordance with the Prospectus Regulation and does not constitute investment advice or an offer. The information provided herein contains statements on the Public Offering of notes of AS "Grenardi Group". Every investment decision must be based on a base prospectus approved by the Bank of Latvia and the final terms. An approved base prospectus and final terms are available on AS “Grenardi Group” website (https://grenardi.group).

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