The BEST Group will be managing another receivables portfolio
BEST II NSFIZ, one of the largest Polish securitisation funds specialising in investing in blocks of receivables, has concluded a purchase agreement for a bank receivables portfolio with a par value of PLN 149.5 million.
On 31 March, BEST II Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty [Non-Standardised Securitisation Closed-End Fund] (BEST II NSFIZ), securitisation fund managed by BEST TFI, concluded an agreement with one of the domestic banks regarding the purchase of a receivables portfolio with a total par value of PLN 149.5 million. The transaction involves more than 25 thousand receivables against natural persons due to cash loans, instalment loans and credit cards.
- The transaction will be financed from funds acquired from the issue of series C bonds, issued by the fund in January this year”, explains Krzysztof Borusowski, President of BEST TFI. “If any interesting offers come to our attention, BEST II NSFIZ intends to continue purchasing receivables portfolios, whose recovery will earn profit for investors and bond holders of the fund”, he adds. BEST S.A. will be entrusted with the maintenance of the purchased receivables portfolio.
BEST II NSFIZ is one of three securitisation funds managed by BEST TFI, a society with a sole shareholder – the company BEST, listed at the WSE. Taking into consideration the above mentioned transaction, during the last three years the funds managed by BEST TFI have purchased receivables portfolios with a total par value of over PLN 3.4 billion.
The BEST Group plans to expand the scale of activities, primarily through the on-going two-year programme of public issues of bonds with a total par value of up to PLN 300 million. On Monday, 31 March, the subscription period started for BEST series K1 bonds with a total value of PLN 45 million, which are offered to retail investors – this is the first issue carried out within the above mentioned programme. BEST bonds are offered within the public bond issue programme by: mBank and mBank Brokerage House.
This press release is for promotional purposes only. The only legal source of information on the public offer of BEST S.A. bonds is the Base Prospectus, which was approved by the Polish Financial Supervision Authority on 21 March 2014, and the Final Terms of the Bond Issue. The Base Prospectus and the Final Terms were published electronically and are available on the Company’s website (www.best.com.pl). The bonds will not constitute a bank deposit and they will not be covered by the deposit guarantee scheme. Risk factors related with the purchase of bonds are described in the Base Prospectus.