On July 8, the subscription process for BEST's series W1 bonds will start as part of a public offering addressed mainly to retail investors. The company offers 5-year debt securities with a fixed annual interest rate of 4.40%. The total nominal value of the offer will be PLN 25 million.

The public offering of series W1 bonds is the first offering conducted by BEST under a new issue programme for bonds with a total nominal value of up to PLN 200 million. The offer will include 250,000 bonds with a nominal value of PLN 100 each and a total nominal value of PLN 25 million. Maturing in July 2026, the 5-year bonds carry a fixed annual interest rate of 4.40%. Interest will be paid to investors once every three months.

- We target the issue of series W1 bonds at a wide group of investors. You only need PLN 100, because you can subscribe for even one bond of BEST- said Krzysztof Borusowski, President of the Management Board of BEST.

Subscriptions for series W1 bonds will be accepted from 8 to 20 July this year by Dom Maklerski Banku Ochrony Środowiska (the brokerage house company of Bank Ochrony Środowiska) as well as Michael / Ström Dom Maklerski, Ipopema Securities and Noble Securities.

- We plan to use the money from the bond issue to finance the Group's operating and investing activities, in particular the purchase of new claim portfolios. We expect that a recovering supply of non-performing debt, especially from banks, will create a conducive investing environment for companies such as ours. We are well-positioned to significantly upscale our purchasing- said Krzysztof Borusowski.- We are continually streamlining our operations, and have significantly reduced our debt recently. - Since early 2020 alone, we redeemed bonds worth a total of PLN 289 million, some of them before the maturity date. These were mainly bonds issued as part of public offerings in 2015-2016. I expect that many investors who bought our bonds in the past will also be interested in BEST's debt securities this time, as they see us as an attractive and reliable bond issuer. Our Group's good financial standing is confirmed by the increasing level of repayments from the managed portfolios and our financial performance, accompanied by one of the lowest debt ratios in the industry - added the President of BEST.

At the end of March 2021, BEST Capital Group's net debt to equity ratio was 0.76, while the maximum permissible level of this ratio specified in BEST's terms of bond issue is 2.50.

Time plan for the public offering of BEST's series W1 bonds

Subscription opening date

8 July 2021

Subscription closing date:

20 July 2021

Allotment date | Interest accrual commencement date

23 July 2021

Expected issue date

6 August 2021

Expected first quotation date

12 August 2021

Attachments

  • Original document
  • Permalink

Disclaimer

BEST SA published this content on 02 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2021 14:17:04 UTC.