BEST allotted series R3 bonds with a total value of 60 million PLN, which go to 645 investor portfolios. Due to the very high demand for debt securities offered by the company, the subscription period was shortened to two days and all subscriptions were reduced by 28.57% on average.
The subscriptions for BEST’s series R3 bonds were accepted only for two days, 2 and 3 March, not until 16 March as originally planned. However, investors had already subscribed for more bonds than the company was offering on the first day of subscription. Subscriptions made on 2 and 3 March totalled approx. PLN 84 million. According to the final terms of issue, all subscriptions were reduced proportionately, with the average reduction rate amounting to 28.57%.
As a result of the early subscription closure, BEST also accelerated the date of bond allotment from 17 March to 6 March. The series R3 bonds were allotted to 645 investors.
“We consider the very high demand for BEST’s bonds to be a sign of the investors’ trust in our company and strategy. It is also a very important and optimistic indication that we may plan subsequent bond issues as a form of financing for the further development of BEST Group. Within the current bond issue programme, we may still offer debt securities with a value of PLN 60 million and, as announced, we intend to implement the programme in full,” says Krzysztof Borusowski, President of the Management Board of BEST.
BEST has offered investors 600,000 series R3 bonds with a nominal value of PLN 100 each and a total nominal value of PLN 60 million. The 4.5-year bonds (to be redeemed in September 2021) carry a variable interest rate, amounting to WIBOR 3M plus a 3.3% margin, yielding more than 5% per annum in the first interest period.
A distribution consortium of brokerage houses accepting subscriptions was established to support investor participation in the offering of BEST’s series R3 bonds. Subscriptions for the company’s bonds were accepted at Dom Maklerski PKO Banku Polskiego, being the issuing agent for the current programme of BEST’s bond issue, and at Biuro Maklerskie Alior Banku as well as Dom Maklerski Banku Handlowego. In total, they operate nearly 250 branches across the country.
The company plans to introduce series R3 bonds as well as all bonds offered under the public programme of BEST’s bond issue into trading on the regulated market operated by the Warsaw Stock Exchange as part of Catalyst.
General information about BEST
BEST S.A. specializes in trading in and managing of non-performing debts and has been listed on the Warsaw Stock Exchange since 1997. BEST Group actively invests in debt portfolios (especially in bank debts) using securitisation funds and provides debt collection services to third parties: banks, telecommunication and power companies as well as other providers of general services.
BEST is also the sole shareholder in BEST TFI, which manages securitisation funds with a total net asset value of approx. PLN 680 million (as at 30 September 2016). The combination of expertise in the field of debt collection with that in the establishment and management of investment funds helped the entity to concentrate all elements of the business model within one capital group.
The total nominal value of own debts and third party debts managed by BEST exceeds PLN 11 billion (as at 30 September 2016).
In 2015, BEST Group generated a net profit of over PLN 82 million, while operating revenues exceeded PLN 140 million.
For more information, visit www.best.com.pl or contact us at:
phone: 22 826 74 18 / mobile: 516 173 691
phone: 22 826 74 18 / mobile: 514 985 845
You can also follow BEST Group on Twitter: https://twitter.com/BEST_Grupa
This material is for promotional purposes only. The only legally binding sources of information on the public offering of bonds conducted by BEST S.A. (the Issuer) under the issue programme established by the Issuer include: the base issue prospectus approved by the Polish Financial Supervision Authority on 3 October 2016, the addenda and updates to the prospectus and the final terms of bond issue for a particular series of bonds, published on the Issuer's website (www.best.com.pl) and additionally, for information purposes, on the website of Dom Maklerski PKO Banku Polskiego (www.dm.pkobp.pl).