OREANDA-NEWS. On November 20, 2007 Parex banka has successfully completed an offering of debt notes for the Bulgarian company StroyRent EOOD (StroyRent), reported the press-centre of Parex banka.

The notes were issued for a total amount of EUR 2 million with a maturity of three years and a fixed interest rate of 14,2%. The issue was oversubscribed 1,5 times mostly by Baltic institutional investors.

Janek Bolonski, the General Director of StroyRent stated, that he was very pleased with the results of the notes placement and thanked the investors for their confidence in StroyRent. The financing will be used to purchase additional construction equipment for renting purposes. “The decision to issue notes reflects our strategy of remaining the top player in the difficult, but fast growing Bulgarian equipment rent market despite the yet limited opportunities for a bank loan financing” Mr. Bolonski said.

The deal was arranged by Parex banka, one of the leading providers of investment banking services in the Baltic States. Commenting on the deal, Mr. Martins Jaunarajs, Head of Investment Banking at the bank stated: “Parex banka is very satisfied with the results of this issue. Both institutional and private investors have expressed strong interest in the StroyRent notes. As a result the notes were oversubscribed by 50%; therefore, the final coupon rate was set close to the mean of the initial guidance of 13-15%. This issue will serve as a great example of how young, fast growing businesses with a clear strategy and committed management can attract effective funding from the capital market”.