Bayport Management Ltd : Bayport successfully issues a SEK 600 million bond
| Source:Bayport Management LTD
On 12 September 2013, Bayport Management Limited ("Bayport") announced that the
company had decided to explore the possibility of issuing a new bond. The demand
to invest in another bond issued by Bayport has been very strong from both
Swedish and international investors and Bayport has therefore resolved to issue
a new bond.
The bond in brief
The bond is senior unsecured and will be issued on the Swedish debt capital
market. The bond has a total frame amount of SEK 800 million, where initially a
nominal amount of SEK 600 million is issued. The final maturity of the bond is
June 2017. The bond was issued at a yield to maturity of 9.75%. As Bayport's
previous bonds, the bond will be listed on NASDAQ OMX Stockholm.
The bond has the same terms and conditions as the existing 2017 Bayport bond
(BAYP002 o2), and it is the intention of Bayport to seek bondholder approval and
combine both of the 2017 bonds into one single larger bond, governed by the same
terms and conditions, at a later stage.
The proceeds of the newly issued bond will be deployed into asset growth in
existing operations as well as possibly into new operations.
Comments by the CEO
Bayport CEO Grant Kurland comments "Bayport has performed very well since the
debut bond issue in November 2010 and with the proceeds from this issue, we are
very well positioned for continued growth into new and existing markets.
Furthermore, it is very encouraging for Bayport to be able to return to the bond
market and to issue our third bond."
ABG Sundal Collier AB and DNB Markets have acted as joint lead managers for
Bayport in connection with this bond issue.
Gernandt & Danielsson Advokatbyrå has acted as legal adviser in relation to the
The Bayport group is a leading emerging market non-bank retail credit provider.
The Company was founded in 2001 and operates under the brand name of Bayport
Financial Services. Bayport's operations are domiciled in Botswana, Colombia,
Ghana, Mozambique, Tanzania, Uganda and Zambia servicing approximately 280,000
customers through its 293 branches and over 2,800 employees.
Please feel free to contact David Rajak
+27 11 236 7300 /firstname.lastname@example.org should you have any queries.
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