On Tuesday, 9 February, BEST allotted its L2 series bonds. BEST moved the deadline forward for allotting bonds, from 19 February to 9 February, due to the faster completion of requests than had originally been planned. The exceeding of the number of offered bonds took place on the first day of the subscription.
- The subscriptions ended on 5 February rather than on the 17 February originally planned.
- The average reduction rate was 64.31%.
- The L2 series bonds were allotted to the portfolios of over 1008 investors.
As part of the third public offering programme addressed to retail investors, BEST offered 400,000 bonds of a nominal value of PLN 100 each, totalling PLN 40 million. The subscriptions were accepted between February 4 and 5. As the requests for bonds exceeded the total number available on the first day of subscription (4 February), in accordance with the terms and conditions of Bond issue, the subscription period was shortened and the subscriptions made on that day and the following day were reduced pro rata. Correct subscriptions were placed by 1013 investors, who were ready to purchase bonds worth PLN 112 million. Finally the bonds were allocated to 1008 investors. The average reduction rate was 64.31%.
The L2 series bonds are 4-year bonds bearing variable interest equivalent to 3M WIBOR increased by a 3.8% annual margin. Interest will be paid to investors every 3 months.
"Our aim is to ensure financing of the Company on the best terms and conditions possible, while at the same time making an attractive offer for the investors. In setting the issue parameters of the L2 series bonds we took into consideration the investors' expectations, as well as events taking place on the financial markets regarding, for example, the Polish rating. We are glad that BEST L2 series bonds have gained so much trust. We see it as proof of the investors' trust in our company and our development plans, as well as being confirmation that there is demand for corporate bonds offered by reliable issuers in the capital market," said Krzysztof Borusowski, president of BEST.
As part of the issue programme of bonds totalling PLN 300 million, so far BEST has issued a total value of PLN 250 million. The company is planning to conduct more bond issues and thereby carry out the entire programme.
"Such a large demand for our bonds expressed by individual investors is a good forecast for our future planned issues. Under the current bond issue programme we still wish to issue bonds totalling a further PLN 50 million, and hence fully execute our programme amounting to PLN 300 million," Krzysztof Borusowski added.
Similarly to all previous series issued under the public programme, the L2 bonds shall be listed by Catalyst. BEST expects the L2 series bonds to debut on Catalyst on 18 March.
General information about BEST
BEST S.A. is a company that has been listed on the Warsaw Stock Exchange since 1997. It specialises in the trading and management of non-performing debts. The BEST Group actively invests in debt portfolios (primarily in bank debt portfolios) with the use of securitisation funds and provides debt collection services on commission – for banks, telecommunication operators, power companies, and other mass service providers.
BEST is also the sole shareholder of BEST TFI, which manages investment funds with assets totalling PLN 984 million (as of 30 December 2015). The combination of expertise in the field of debt collection and in the establishment and management of investment funds has made it possible to concentrate all the elements of the business model within one capital group.
The total nominal value of own debt and the debt of other entities managed by BEST exceeds PLN 10 billion (as of 30 September 2015).
In 2014, the BEST Group generated a net profit of PLN 58.9 million attributable to the Company's shareholders, with operating revenues of PLN 124 million.
For further information, visit www.best.com.pl, or contact us at:
tel. 22 826 74 18 / mobile 516 173 691
tel. 22 826 74 18 / mobile 514 985 845
You can also follow BEST Group on Twitter: https://twitter.com/BEST_Grupa
This press release is for promotional purposes only. The only legal sources of information on the public offering of BEST S.A. bonds are the Base Prospectus, which was approved by the Polish Financial Supervision Authority (KNF) on 9 June 2015, the addenda and updates to the Base Prospectus, and the Final Terms of the Bond Issue. The Base Prospectus, addenda and updates to the Base Prospectus and the Final Terms have been published and are available electronically on the company's website (www.best.com.pl). The bonds will not constitute a bank deposit and will not be covered by the deposit guarantee scheme.