Bayport Issues $250 Million Senior Social Bonds and $50 Million Subordinated Social Bonds, Repurchases a Portion of its Outstanding Bonds and Provides Conditional Notice of Early Bond Redemption with ISIN NO0010856180

Bayport Issues $250 Million Senior Social Bonds and $50 Million Subordinated Social Bonds, Repurchases a Portion of its Outstanding Bonds and Provides Conditional Notice of Early Bond Redemption with ISIN NO0010856180

Mauritius, 5th May 2022. Bayport Management Ltd (“Bayport”) announces today that the group has successfully issued USD 250 million of senior social bonds (the “Senior Notes”) and USD 50 million of subordinated social bonds (the “Subordinated Notes”, and together with the Senior Notes, the “Bonds”, both due 2025. In connection with the bond issues, Bayport has redeemed a portion of its outstanding senior and subordinated social bonds, both due in 2022, and gives conditional notice of early redemption of all of its outstanding senior social bonds with ISIN NO0010856180 (BAYP 007) (the “Existing Senior Bonds”).

The transactions have been well received by the market, demonstrating the strong investor relationships Bayport has managed to build over the years as an issuer in the Nordic high yield market. Bayport is particularly pleased that one of the Nordics’ leading Development Finance Institutions (DFIs) has decided to invest $10 million in our subordinated social bond. It is truly a testament to investors’ confidence in Bayport’s ability to deliver meaningful social impact in the various markets that Bayport operates. This transaction will officially settle once the DFI receives final board approval, which is expected to take place at the end of May 2022. The bookrunners will retain this order until the end of May 2022.

“Today’s bond offerings demonstrate international investors’ confidence in Bayport’s prospects as a strong and sustainable withholding lender in Africa and Latin America, with the social framework set by Bayport being strongly recognized. We are also delighted to be able to gain the trust of a new Nordic DFI. says Chris Newson, CEO of Bayport.

The Senior Notes are issued in a total frame of $400 million and carry a fixed coupon rate of 13% and the Subordinated Notes are issued in a total frame of $100 million and carry a fixed coupon of 15%. The bonds are intended to be admitted to trading on Nasdaq Stockholm’s list of sustainable bonds.

As part of the bond issues, Bayport repurchased $126.9 million of its existing senior bonds at a purchase price of $100,000 per bond (with accrued but unpaid interest) and $54.4 million of its social bonds outstanding subordinated notes with ISIN NO0010871601 (BAYP 008) at a purchase price of US$102,900 per note (with accrued but unpaid interest).

Bayport hereby gives conditional notice of early redemption of all of the Existing Senior Notes, which notice will also be sent to VPS (Norway) for delivery to persons registered in the securities account with VPS (Norway) as holders of Existing Senior Notes. The early redemption date is expected to be May 31, 2022. The early redemption is conditional upon the successful settlement of the Senior Notes by May 27, 2022 (the “Condition”).
Pursuant to their terms and conditions, the Existing Senior Notes will be redeemed at an amount equal to 100.00% of the aggregate nominal amount outstanding (ie USD 100,000 per Existing Senior Note). The prepayment amount, together with any accrued and unpaid interest, will be paid to each person registered in the securities account with VPS (Norway) as a holder of Existing Senior Bonds on the record date of 27 May 2022 , i.e. two working days before the reimbursement date. As part of the early redemption, the existing senior bonds will be removed from Nasdaq Stockholm’s list of sustainable bonds.

If the condition is met or waived by Bayport, the prepayment will be irrevocable. If the condition is not satisfied or if it is waived, the prepayment will not take place and, in this case, this will be communicated by Bayport by means of a press release. If Bayport by May 27, 2022 has not communicated by means of a press release that the Condition has not been satisfied, the Condition will be deemed satisfied or waived by Bayport and the repurchase will be irrevocable without further communication.
ABG Sundal Collier and DNB Markets acted as joint bookrunners and Gernandt & Danielsson Advokatbyrå acted as legal counsel.
For further information, please contact Tracy-lee Westman, Head of Capital Markets, Bayport Management Ltd, +27 (0)11 236 7303
This information is information that Bayport Management Ltd is required to make public under the EU Market Abuse Regulation. The information was submitted for publication, through the contact person listed above, at 8:30 p.m. CEST on May 5, 2022.

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