Bayport Announces a Social Bond Framework and Explores the Possibilities of an I...

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May 2019
Global, May, 13 2019 - The new bonds will be governed by Swedish law but denominated in USD and affiliated to the Norwegian Central Securities Depository (No. Verdipapirsentralen) (VPS). The bonds will be issued under a framework of USD 400 million to be listed on Nasdaq Stockholm Sustainable Bond List.

Bayport Management Ltd (“Bayport”) today announces its inaugural Social Bond Framework. Bayport has mandated DNB Markets as Global Coordinator and Joint Bookrunner and ABG Sundal Collier and Absa as Joint Bookrunners to arrange a series of fixed income investor meetings in Europe, US, South Africa and Asia, commencing on Thursday, May 16th, 2019. An expected three year fixed rate senior unsecured social bond issue of up to USD 300 million may follow, subject to, inter alia, market conditions.

The new bonds will be governed by Swedish law but denominated in USD and affiliated to the Norwegian Central Securities Depository (No. Verdipapirsentralen) (VPS). The bonds will be issued under a framework of USD 400 million to be listed on Nasdaq Stockholm Sustainable Bond List.

Depending on the outcome of the new bond issue, Bayport intends to exercise its option for early redemption, in full, of its outstanding (i) SEK 1,100,000,000 senior unsecured bonds 2017/2019 with ISIN SE0009723075 and (ii) SEK 800,000,000 subordinated bonds 2014/2019 with ISIN SE0006451712. 

Bayport further intends to offer holders of bonds with ISIN SE0009723075 that are outside the United States, are not U.S. persons and to whom the offer may otherwise be lawfully made (each an “Eligible Holder”) to use their existing bonds as payment in kind for bonds subscribed for in the new bond issue on the terms and conditions to be specified in a separate application form. Such Eligible Holders must ensure that they are eligible purchasers and not subject to any transfer restrictions or otherwise restricted to participate in the exchange offer. Gernandt & Danielsson Advokatbyrå has been engaged as lead legal advisor in connection with the new bond issue.

The eligible assets and projects listed under the Social Bond Framework includes “Financial inclusion”, “Access to financial services”, “Corporate Social Investment” and “Employment generation through MSE financing and microfinance”. To confirm that the framework is aligned with the 2018 version of the ICMA Social Bond Guidelines, Bayport has obtained a second party opinion from Sustainalytics. DNB Markets acted as Sole Structurer of the Social Bond Framework. 



Source : GlobalNewswire
 

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