Bayport Management Ltd ("Bayport" or "the Company") has successfully raised SEK 1,100m (equivalent to USD 124m) in senior unsecured bonds for refinancing of its bonds maturing in June 2017 and general corporate purposes. The new bond will be Bayport's sixth debt instrument to be listed on Nasdaq Stockholm.
The bond issue was met with very strong interest from existing and new investors and was priced in the lower end of the initial interest rate range of 11-12% due to the book being substantially oversubscribed.
The new bond carries an annual interest rate of 11% with a 2.5 year tenor. The bond has a framework limit of SEK 2,000m (equivalent to USD 226m) and Bayport may look to tap the remaining SEK 900m at a later stage.
Proceeds from the new bond will be used towards refinancing of Bayport's existing bond with ISIN SE0004649713 maturing in June 2017 and general corporate purposes. The issue date for the new bond is expected to be 24 March 2017 and Bayport has undertaken to list the bond at the corporate bond list on Nasdaq Stockholm.
With over 150 investors subscribing for the new bond, about 20% of the bonds were bought by investors based outside of Sweden. This further demonstrates Bayport's position as an active participant in the Nordic and international capital markets.
ABG Sundal Collier and DNB Markets have acted as financial advisors and joint managers for Bayport in connection with the bond issue. Gernandt & Danielsson Advokatbyrå has acted as legal advisor.
Please feel free to contact David Rajak, Capital Markets and Investor Relations Executive (+27 11 236 7300 / investor@bayportfinance.com), should you have any queries.
This information is information that Bayport Management Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 am (CET) on 20 March 2017.
This notice is issued pursuant to Listing Rule 11.3 and 11.5 of the Stock Exchange of Mauritius Ltd. The Board of Directors of BML accepts full responsibility for the accuracy of the information contained in this communiqué.
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