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Subscription period for BEST bonds extended by one week

Subscriptions for 4.5-year BEST bonds with a total value of PLN 50 million will be extended until 26 October.

 

“The issue of BEST R1 series bonds coincided with other public offerings of debt securities. There were several interesting IPO projects on the market at the same time. This means issuers must compete harder to attract capital from investors. The offering of BEST bonds, the largest public bond offering at the moment, is quite popular but given the circumstances it seems we need more time to place all the bonds with investors,” – says Krzysztof Borusowski, President of BEST.

 

The public offering of R1 series bonds covered 500,000 bonds with a nominal value of PLN 100 each, totalling PLN 50 million. R1 series bonds are 4.5-year bonds (maturing in April 2021) which will bear interest at a variable rate equivalent to 3M WIBOR plus a 3.3% margin. This gives approximately 5% per annum in the first interest period.

 

The offering is addressed to retail investors, who can subscribe for BEST bonds in more than 30 facilities of the brokerage house of PKO Bank Polski, and also online or by phone.

 

R1 series bonds bear interest as of the first subscription date. The issue price will therefore depend on the date on which the subscription is made. On the subscription start date (10 October), the price was PLN 100, the nominal bond value; on subsequent days it is increased by the accrued interest (see table below for issue prices from 19 to 26 October).

 

Subscription date

Issue price
of R1 series bonds (PLN)

19 October 2016

PLN 100.12

20 October 2016

PLN 100.14

21 October 2016

PLN 100.15

22 October 2016

PLN 100.16

23 October 2016

PLN 100.18

24 October 2016

PLN 100.19

25 October 2016

PLN 100.21

26 October 2016

PLN 100.22

 

The subscription period for R1 series bonds has been extended until 26 October. However, if investors subscribe for more bonds than the Company is offering, the subscription period could be shortened. If subscriptions are placed for more bonds than the offered pool (“Oversubscription Day”), subscriptions will only be accepted until the end of the next working day, and the subscriptions placed on the last two days of the subscription period will be proportionately reduced. If this is the case, the full offered pool of bonds will only be allotted to the investors who have placed subscriptions before Oversubscription Day.

 

Updated schedule for the public offering of BEST R1 series bonds:

Start date for accepting subscriptions (“Subscription Start Date”):

10 October 2016

Subscription End Date:

26 October 2016

Allotment Date:

27 October 2016

Anticipated Issue Date:

10 November 2016

Anticipated date for bonds being admitted to trading:

16 November 2016

 

The public offering of R1 series bonds is the first issue conducted under the second public issue programme of BEST bonds of a total value of up to PLN 200 million. In the first half of 2016, BEST completed the first two-year public issue programme for bonds of a total nominal value of PLN 300 million. This year's retail issues carried out under this programme (L2 and L3 series), of a total nominal value of PLN 90 million, ended in oversubscription.

 

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General information about BEST

BEST S.A. specialises in trading in and managing 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 of BEST TFI, which manages securitisation funds with a total assets value of PLN 640 million (as of 30 June 2016). The combination of expertise in debt collection and in the establishment and management of investment funds has enabled the concentration of all elements of the business model within a single capital group.

 

The total nominal value of own claims and third party claims managed by BEST exceeds PLN 11 billion (as of 30 June 2016).

 

In 2015, BEST Group generated a net profit of PLN 82 million with operating income amounting to PLN 140 million.

 

For more information, visit www.best.com.pl or contact us at:

Krzysztof Woch

NBS Communications

phone: 22 826 74 18 / mobile 516 173 691

e-mail: kwoch@nbs.com.pl

Maciej Szczepaniak

NBS Communications

phone: 22 826 74 18 / mobile 514 985 845

email address: mszczepaniak@nbs.com.pl

 

You can also follow BEST Group on Twitter: https://twitter.com/BEST_Grupa

 

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This material is for promotional purposes only. The only legally binding sources of information on the issue of bonds by BEST S.A. (Issuer) as part of the issue programme established by the Issuer include: the Base Prospectus, which was approved by the Polish Financial Supervision Authority (KNF) on 3 October 2016, addenda and updates to the Base Prospectus, and the Final Terms of Bonds Issue. The Base Prospectus, addenda and updates to the Base Prospectus and the Final Terms have been published and are available on the Issuer's website (www.best.com.pl) and also, for information purposes, on the website of the Brokerage House of PKO Bank Polski (www.dm.pkobp.pl). 

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