By Marisa Wong
Madison, Wis., Sept. 13 - Bayport Management Ltd. announced it priced SEK 600 million of senior bonds due June 2017 at a yield of 9¾%.
ABG Sundal Collier AB and DNB Markets acted as joint lead managers.
Bayport plans to issue a total of SEK 800 million of the bonds, which will have the same terms and conditions as its existing 2017 bonds.
The company intends to seek bondholder approval and combine both of the 2017 bonds into one single larger bond at a later stage.
The company said it pursued the new issuance due to strong demand from Swedish and international investors.
Proceeds will be deployed into asset growth in existing operations and possibly into new operations.
Bayport's chief executive officer Grant Kurland commented in a press release, "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."
The Bayport group is an emerging market non-bank retail credit provider based in Ebene, Mauritius.
| Issuer: | Bayport Management Ltd.
|
| Issue: | Senior bonds
|
| Amount: | SEK 600 million
|
| Maturity: | June 2017
|
| Yield: | 9¾%
|
| Lead managers: | ABG Sundal Collier AB and DNB Markets
|
| Pricing date: | Sept. 13
|
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