SIA Banga Ltd, the leading canned fish producer in the Baltic States with a diverse global customer base, has successfully completed a EUR 3 million private bond placement. The proceeds will be used to refinance existing bonds and support the Company’s new investment project aimed at expanding production capacity and enhancing product quality and sustainability.

The bond issue attracted strong demand from both institutional and private investors, with total demand reaching EUR 4.4 million — exceeding the target amount by 46%. A total of 54 investors participated in the offering, with institutional and private investors accounting for 30% and 70% of the demand, respectively.

During the offering, SIA Banga Ltd also offered its existing investors of bonds maturing on 9 May 2025 (ISIN LV0000860088) to exchange their bonds for the new bonds. Of the total capital raised, EUR 1.57 million was contributed by existing investors who opted to participate in the exchange offer. As a result, the volume of bond issue (ISIN LV0000860088) will be reduced to EUR 930,000 with the respective bonds set to be redeemed upon maturity on 9 May 2025.

“We are honored by the trust and confidence our investors have placed in us. The strong interest in this issuance highlights our solid track record and strategic vision. We are fully committed to executing the investment project and delivering on our growth strategy” said Raivis Veckāgans.

“Banga Ltd demonstrates that also a relatively small regional company can successfully use bond financing to implement its growth strategy, attracting significant investor interest. Since its first bond issue in 2022, Banga Ltd. has continued its growth trajectory and delivered on all promises towards investors, and we are delighted that the company, appreciating the benefits of capital markets presence, has decided to return to the market with a new bond issue” said Kristiāna Janvare, the Managing Director of Investment Banking of AS Signet Bank.

The bonds have a maturity of 3 years and coupon rate of 7.00%. The issue date is 8 May 2025, and the Company intends to apply for listing on Nasdaq Riga First North within 12 months after the issue date.

AS Signet Bank acted as the Arranger in the bond offering, while legal advice was provided by ZAB Vilgerts SIA.