The leading and fastest-growing jewellery retail network in the Baltics, AS Grenardi Group, which operates GRENARDI and GIVEN stores, has successfully completed the second tranche of its public bond programme, raising EUR 5 million.

Total demand for the bonds reached EUR 7.85 million, exceeding the initial EUR 5 million offering by 57%. The offering attracted more than 590 investors, with 86% from Latvia, 11% from Estonia, and 3% from Lithuania.

Ainārs Spriņģis, Chairman of the Board of AS Grenardi Group, stated: "We are highy satisfied with the successful completion of the second bond issuance within our programme, which attracted significant investor interest. This result not only affirms the market's trust in AS Grenardi Group but also gives us a strong impetus to continue our strategic development. We are grateful to our existing investors for their trust and decision to continue their investments – their support is a crucial element of this success.

It is important to highlight that both bond issuances within a short period have concluded with excellent results, further solidifying our position. The funds raised will allow us to refinance existing obligations, expand our retail network, and diversify our offering. Our goal is to strengthen our position in the Baltic market, providing added value to both our customers and shareholders."

During the offering, AS Grenardi Group also offered its existing bondholders, whose bonds are due on 31 July 2025 (ISIN LV0000860104), the opportunity to exchange their bonds for new ones. 58% of existing bondholders, holding bonds in the amount of 2 318 000 EUR, decided to participate in the exchange offer, reducing the volume of LV0000860104 bonds to 1 682 000 EUR.

Kristiāna Janvare, Head of Investment Banking at Signet Bank, commented: "We congratulate AS Grenardi Group on the successful completion of the second tranche of its bond programme, thereby successfully concluding its secured bond programme in the amount of EUR 17 million. In a short period, the Group has managed to successfully complete two bond tranches, where investor demand significantly exceeded the offering amount, reflecting the strong interest of local investors in bond investments. We are particularly pleased with the high proportion of existing investors who chose to continue their investment in AS Grenardi Group bonds, demonstrating their trust in the company's development strategy."

Due to significant demand, bonds were allocated to investors following the principles set out in the bond prospectus and final terms: 1) all existing bondholders who participated in the exchange offer received a full allocation, according to the exchange ratio; 2) the issuer decided to allocate the minimum amount to each investor to qualify for each respective group of the investor loyalty programme (EUR 500, EUR 10 000, and EUR 50 000). The remaining part of the orders was allocated by the Group with the aim of creating a stable, diversified, and reliable investor base.

We kindly remind investors who have invested at least EUR 500 that they are invited to apply for the AS Grenardi Group investor loyalty programme on the company's website – https://grenardi.group/investors. The registration for the loyalty programme is open from 1 September to 30 September.

The second tranche of AS Grenardi Group bonds will be listed on the Nasdaq Riga regulated market Baltic Bond List. The proceeds from the bond issuance will be used to refinance existing bonds and support the company's further growth, including the expansion of its jewellery assortment. AS Grenardi Group bonds have a maturity of three years, with a fixed interest rate of 10%. Settlement of the bonds will take place on 30 August 2024, and bondholders will receive monthly coupon payments, with the first coupon payment on 30 September 2024.

The arranger of the bonds issue is AS Signet Bank, while legal advice is provided by law firm Eversheds Sutherland Bitāns SIA.

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).