On Tuesday, 24 February, BEST allocated its K3 series bonds to the portfolios of 563 investors.
As part of its third public offering programme addressed to retail investors, BEST offered 350,000 bonds of a nominal value of PLN 100 each, with the issue totalling PLN 35 million. Subscriptions were accepted between 9 and 20 February, and in that period 564 investors made correct subscriptions for a total of 353,190 bonds. As the requests for bonds exceeded the total number available on the last day of subscription (20 February), those subscriptions made on that day were reduced pro rata at the average rate of 1.86%. Finally the bonds were allocated to 563 investors.
K3 series bonds are 4-year bonds bearing a variable interest rate equal to 3M WIBOR increased by a 3.3% annual margin. Interest will be paid to investors every 3 months.
"While determining the parameters for the K3 series bond issue, we tried to ensure financing for the company on the best terms possible and also to offer the investors an attractive alternative compared to, for instance, bank deposits. Taking into consideration the high interest in the bonds we issue, I can say that we perfectly combined the needs of BEST and the expectations of the investors", said Krzysztof Borusowski, president of BEST. "This is a good sign before the next planned issues. Currently we are offering K4 series bonds to institutional investors and if this proves successful then the total nominal value of the bonds issued under the public programme will reach PLN 150 million. This will put us half way through the programme less than a year after gaining the approval of the prospectus by the Financial Supervision Commission. As announced before, we plan to fully implement the programme, up to the PLN 300 million mark", Krzysztof Borusowski added.
The aforementioned K4 series bonds are 5-year bonds bearing a variable interest rate equal to 3M WIBOR + 3.5% per annum, and the issue is valued at PLN 20 million. Currently the book building for institutional investors is underway and subscriptions will be accepted until 6 March. If the offer proves successful, BEST expects the K4 bonds to make their debut on the Catalyst market on the same day as the K3 series, that is, 20 March.
This press release is for promotional purposes only. The Primary Prospect (original Polish name: “Prospekt podstawowy”), as approved by Polish Financial Supervision Authority on 21 March 2014, its possible annexes and update announcements, and Final Bond Issue Conditions (original Polish name: “Ostateczne Warunki Emisji Obligacji”) are the only legal sources for information on the public bond offering by BEST S.A. The Primary Prospect, its possible annexes and update announcements, and Final Bond Issue Conditions have been electronically published on the company’s website (www.best.com.pl). Bonds shall not constitute a bank deposit and shall not be included in any deposit guarantee scheme.
BEST: Company Overview
BEST S.A. has been listed on the Warsaw Stock Exchange since 1997, as a company specialising in the trading and managing of non-performing debts. The BEST Group actively invests in debt portfolios (especially in the field of banking) with the use of securitisation funds, as well as providing debt collection services for third parties: banks, telecommunication operators, power companies, and other mass service providers.
BEST is also the sole shareholder of BEST TFI, which obtained its licence to operate from the Polish Financial Supervision Authority (KNF) in 2008. The combination of expertise in the fields of debt collection and that of the establishment and management of investment funds has helped the entity to concentrate all the elements of its business model within one capital group.
Currently BEST TFI manages four funds, including three securitisation funds: BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ, whose assets include portfolios of claims with a total nominal value of PLN 8.8 billion (as of the end of 2014) and non-public assets fund BEST Capital FIZAN.
For more information visit www.best.com.pl or contact:
tel. 22 826 74 18 / kom. 516 173 691
tel. 22 826 74 18 / kom. 514 985 845