By Toni Weeks
San Luis Obispo, Calif., Nov. 10 – Bayport Management Ltd. said it issued SEK 650 million of 14% subordinated bonds, the company’s fourth bond instrument to be listed on the Nasdaq OMX Stockholm.
The oversubscribed deal, which is equivalent to about $88 million, had an initial target amount of SEK 475 million to SEK 550 million and was upsized due to “significant investor demand,” according to a press release. A total of 45 investors subscribed, with about 60% of the bonds purchased by investors based outside of Sweden.
The new instrument is contractually subordinated to Bayport’s previous SEK-denominated bonds and has a five-year tenor and a nominal limit of SEK 800 million. Bayport may tap the remaining SEK 150 million later, the release said.
Proceeds will be used for general corporate purposes, including acquisitions.
ABG Sundal Collier AB acted as financial adviser and bookrunner for the deal.
Bayport is an emerging market non-bank retail credit provider in Botswana, Colombia, Ghana, Tanzania, Uganda and Zambia.
| Issuer: | Bayport Management Ltd.
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| Issue: | Subordinated bonds
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| Amount: | SEK 650 million
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| Maturity: | 2019
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| Coupon: | 14%
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| Bookrunner: | ABG Sundal Collier AB
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| Settlement date: | Nov. 10
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