BEST’s new retail bond offer

Issue price of K3 series bonds at a discount from the nominal value


Purchase of new debt portfolios and participation in the field of debt recovery constitute this year’s plans for BEST – one of the leading debt management companies in Poland. In order to achieve its targets, the company presents another offer of retail bonds at the nominal value of PLN 35 million. The company is also considering an issue for institutional investors.


“Our aim is to develop the Group systematically, including the increase in the debt portfolio that we manage. Recently, there has been noteworthy interest in tenders for the sale of bank debts, both consumer and mortgage debts. We participate in all of significant tendering procedures. Moreover, we carefully follow the changes in the debt recovery market in Poland. We believe that we will see further changes aimed at consolidation of the sector. We wish to participate in this process at the side of the purchasers,” said Krzysztof Borusowski, president of BEST.


“Taking into account the very good financial situation of BEST Group, including the relatively low debt ratio in comparison to the results in the industry, an obvious course of action is financing the purchase of new debt portfolios and potential acquisitions from bond issues. There was a lot of interest in our previous issues of K1 and K2 series bonds with almost one thousand investors taking part in each issue. Therefore, the new issue is also addressed to retail investors. Due to the fact that institutional investors are also interested in BEST’s bonds, we do not exclude introduction of an offer directed to that group in the nearest future,” added Krzysztof Borusowski.


K3 series bonds with a variable interest rate

In accordance with the final conditions of the K3 series bond issue, published today (4 February 2015), BEST will offer retail investors 350,000 bonds of a nominal value of PLN 100 each. Thus, the total nominal value of the issue may amount to PLN 35 million.


K3 series bonds are 4-year bonds with a variable interest rate based on the WIBOR interest rate for three month deposits increased by a 3.2% margin per annum. Interest will be paid to investors every three months.


The issue of the K3 series bonds is the third offer by BEST as a part of the public programme of bond issues of values of up to PLN 300 million. On the basis of the prospectus approved by the Financial Supervision Commission in March 2014, the company carried out two issues directed at retail investors: the K1 series (valued at PLN 45 million) and K2 series (valued at PLN 50 million). As with the previous series, the K3 series bonds will be introduced to trading on the Warsaw Stock Exchange regulated market. The company assumes that the new bonds will be offered through the Catalyst market on 20 March 2015.


Discounted issue price 

In contrast to the previous issues, the issue price of the K3 series bonds will be lower than their nominal value. “To meet the expectation of the investors, this new offer for K3 series bonds introduces a mechanism that offsets the results of the interest-free period, i.e. the period between the date of subscribing for the bonds and the issue date. The issue price will include a discount in comparison to the nominal value and the discount will depend on the date of subscription. The sooner an investor subscribes to the bonds, the better the price that is offered,” explained Krzysztof Borusowski.


Date of subscription

K3 series bond issue price in PLN

9 February 2015


10 February 2015


11 February 2015


12 February 2015


13 February 2015


14 February 2015


15 February 2015


16 February 2015


17 February 2015


18 February 2015


19 February 2015


20 February 2015



Subscriptions for K3 series bonds can be made between 9 February 2015 and 20 February 2015 at the offices of the mBank Dom Maklerski brokerage house. It is also possible to make subscriptions by telephone or online (including the mBank broker service – eMakler).


K3 series bonds are offered to all of the investors having an investment account in any brokerage house – an account with mBank DM (the offering bank’s brokerage house) is not required.


Detailed information on subscriptions is available at the customer service points of mBank Dom Maklerski brokerage house, the list of which can be found at (bookmark: Kontakt / Punkty Obsługi Klienta).


The order of subscription matters


The date of subscription will be taken into consideration not only in determining the issue price offered to the investor for K3 series bonds, but also in allocation of the bonds, which will be of significance in the event that investors attempt to subscribe for more bonds than that being offered. In such a situation some of subscriptions will be reduced.


In this case, the date to be taken into consideration will be when the number of bonds subscribed for exceeds the number of offered bonds (the Day of Exceeding the Bond Number). Those investors who subscribe before this date will be allocated the number of bonds in accordance with their subscription. Subscriptions made on the Day of Exceeding the Bond Number and on the following business day will be reduced pro rata. In such a situation it is possible to shorten the period for making subscriptions, and the company will announce it in a proper current report.


Schedule for the public offering of BEST K3 series bonds:


Date of starting the subscriptions (“Subscription date”):

9 February, 2015

Date of closing the subscriptions:

20 February, 2015

Date of allocation:

24 February, 2015

Expected issue date:

10 March, 2015

Expected date of publishing the Offer results:

until 6 March, 2015

Expected date of admitting the bonds to trading:

20 March, 2015



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 ( 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.


BEST TFI currently manages three securitisation funds: BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ, the assets of which include debt portfolios having a total par value of PLN 8.8 billion (as at the end of 2014).



For more information visit or contact:


Krzysztof Woch

NBS Communications

tel: 22 826 74 18 / mobile: 516 173 691


Maciej Szczepaniak

NBS Communications

tel: 22 826 74 18 / mobile: 514 985 845