AD Baltic redeems bonds worth EUR 10 million early

AD Baltic, one of the largest companies in the Baltic States specializing in wholesale automotive parts trade, is early redeeming bonds worth 10 million euros held by the State Investment Management Agency (VIVA).

The State Investment Management Agency, part of ILTE, a state-owned business finance company, was the main and sole holder of the bonds. The bonds were registered on Nasdaq CSD. The bonds had a maturity date of June 15, 2028.

“We are grateful to our partners from UAB ILTE, who allowed us to strengthen our cash flow after the pandemic and the beginning of the war in Ukraine, and at the same time provided us with the opportunity to take our company’s financing experience to the next level by issuing bonds and registering them on Nasdaq CSD. We were pleasantly surprised by the high-quality work standards from the public sector, which gives us hope and faith that business and state institutions can cooperate at a much higher level. After issuing the bonds, we were able to focus on reviewing internal processes, preparing a further development strategy, and finding new partners. We chose AB Šiaulių bankas as our future financial partners, which responded with a partnership approach and listening to our business needs. We believe that a strong partnership creates significant and long-term added value not only for business, but also for the state and society.” – says Vaidas Sitka, General Director of UAB AD Baltic.

“AD Baltic is one of the longest-standing and strongest companies in its sector not only in Lithuania, but also in the entire Baltic market – we are happy about this new partnership and believe that we will help each other create value. This is also a step into a relatively new sector for Šiaulių bankas – we are one of the leaders in business financing in Lithuania and we are open to new cooperation opportunities,” says Kęstutis Grinius, Head of the Vilnius Region Business Clients Department of Šiaulių bankas.

AD Baltic is a leader in wholesale automotive parts in the Baltic States. The company operates 40 sales units and a fleet of almost 300 vehicles in Lithuania, Latvia and Estonia, delivering goods to car repair shops and specialized stores every hour. The company has about 20 thousand customers and a turnover of almost 100 million euros. The group is part of the international trade organization Auto Distribution International (ADI) in Europe, which unites the largest distributors in Europe.