BEST has completed the book building for the K4 series bonds. The issue price has been set at PLN 100, with subscription and allocation taking place on 6 March.
The K4 series bond issue is the fourth to be offered by BEST as part of the public offering programme launched in March 2014, and also the first to be addressed to institutional investors. These are 5-year bonds bearing a variable interest rate equal to 3M WIBOR increased by a 3.5% annual margin. Interest will be paid to investors every 3 months.
Today, 4 March, the issue price of the K4 series bonds was set at PLN 100, equal to the nominal value of the bonds. Before determining the price, a book building process was conducted where investors submitted their requests for all of the K4 series bonds issued by BEST (200,000 bonds). According to expectations, the gross revenue will reach PLN 20 million. The K4 series bonds are available through mBank S.A.
Subscriptions for the K4 series bonds will be accepted on 6 March, with the bonds also being allocated on the same day.
Similarly to the recent issue of K3 series bonds of a nominal value of PLN 35 million, BEST intends to earmark the funds raised from the K4 series bonds mainly for investments in portfolios of irregular claims, potential acquisitions of entities from the sector as well as potential refinancing of current debt.
As part of a public bond issue programme totalling PLN 300 million, the company has so far conducted two issues of the retail K1 and K2 series bonds, totalling PLN 95 million, as well as the K3 and K4 series (both expected to be issued on the same day, 10 March). Together this puts the public bond issue programme at its halfway point (PLN 150 million). The company expects the K3 and K4 series bonds to make their debut on the Catalyst market on 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 / mobile: 516 173 691
tel. 22 826 74 18 / mobile: 514 985 845