Bayport issues subordinated social bonds of USD 80 million and repurchases USD 30 million senior unsecured social bonds
Mauritius, December 12th, 2019. Bayport Management Ltd (“Bayport”), a leading provider of financial solutions in emerging markets, today announced that the group has successfully issued USD 80 million subordinated social bonds, due in 2022, carrying a fixed coupon priced at 10.5% and in connection with the subordinated social bond issue, Bayport has repurchased USD 30 million of its senior unsecured social bonds with ISIN NO0010856180 (BAYP 007) at a purchase price of USD 106,000 per bond, together with accrued but unpaid interest.
The transaction was very well received by the market which is a testimony to the strong investor relationships the Company has managed to establish over the years as an issuer in the Nordic High Yield market. Due to the strong secondary performance of its outstanding senior unsecured bond issued in June 2019, Bayport managed to price the subordinated social bond with a tighter coupon (10.5% vs 11.5%) than what the unsecured transaction priced at in June, which is further evidence that the investor community supports the Bayport credit story.
The bond is intended to be listed on the Nasdaq Stockholm Sustainable Bond List.
Bayport Global Capital Markets Executive, Nothando Ndebele says ”it is pleasing to see such support from the markets in terms of the pricing and the diversification of investors in the book, which is a further affirmation of our business model”
DNB Markets acted as Sole Bookrunner and Gernandt & Danielsson Advokatbyrå acted as legal advisor.
For additional information, please contact David Rajak, Investor Relations Executive (investor@bayportfinance.com / +27 11 236 7300).
This information was submitted for publication, through the agency of the contact person set out above, at 17:00 pm CET on December 12th, 2019.
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