On 5 February 2018, subscription for 4-year series T2 bonds of BEST with a total nominal value of PLN 30 million will begin. The interest rate on the bonds amounts to WIBOR 3M, plus a 3.5% margin, which amounts to more than 5.2% per annum in the first interest period. The interest rate on series T2 bonds will be calculated from the first day of subscription. Therefore, the issue price of the bonds will depend on the day when a subscription is made. The bonds will be introduced to trading on the regulated market operated by the GPW as part of Catalyst.
Subscriptions for investors from 5 to 16 February
Subscriptions for BEST’s series T2 bonds will be accepted by the brokerage firms Dom Maklerski PKO Banku Polskiego, and by Biuro Maklerskie Alior Banku in more than 150 branches across the country. The nominal value of one bond is PLN 100 and the minimum amount of subscription is 1 bond. The period during which subscriptions are accepted may be shortened if investors oversubscribe for the bonds.
The bonds of BEST Group are a stable investment with an attractive interest rate of WIBOR 3M, plus a 3.5% margin, yielding more than 5.2% per annum. We offer our investors a better investment opportunity than bank deposits. Our bondholders appreciate the reliability and credibility of BEST. We have been present on the bonds market since 2010, and this is our 16th issue and third public issue programme. It will allow us to finance the development of our business, mainly subsequent investments in portfolios. In 2017, we invested more than PLN 300 million in them – stressed Krzysztof Borusowski, President of the Management Board of BEST S.A.
Time plan for the public offering of BEST’s series T2 bonds: |
|
Subscription opening date: | 05 February 2018 |
End of subscription*: | 16 February 2018 |
Allotment date: | 19 February 2018 |
Expected Issue Date: | 28 February 2018 |
Expected date of admission to trading: | 07 March 2018 |
*The period during which subscriptions are accepted may be shortened if investors oversubscribe for the bonds.
The co-organisers and entities offering BEST’s bonds as part of the current programme are Dom Maklerski PKO Banku Polskiego (which also acts as a global coordinator) and Alior Bank – Biuro Maklerskie.
In November 2017, BEST allotted its series T1 bonds with a total nominal value of PLN 55.8 million to 650 investors. The issue of series T1 bonds was conducted as part of the third public issue programme for bonds with a total nominal value of up to PLN 350 million. In 2014-2017, the Company implemented two programmes with a total nominal value of PLN 500 million.
In 2017, BEST Group invested a total of over PLN 300 million in claim portfolios with a nominal value of PLN 2.6 billion, which means a 16% increase in investments compared to 2016. Repayments of claims due to BEST Group in the fourth quarter of 2017 amounted to PLN 61.9 million, i.e. 31% more than in the fourth quarter of 2016. The fair value of claim portfolios due to BEST Group at the end of 2017 amounted to nearly PLN 1 billion. In 2017, BEST Group generated PLN 282 million in repayments (including PLN 238.3 million from its claims), up by 32% year on year.
After three quarters of 2017, BEST Group generated a net profit of over PLN 46.3 million and more than PLN 120 million of full cash EBITDA, while operating revenues exceeded PLN 154 million.