October 24th 2014 – Amsterdam
CreditAccess Asia launches an “IPO Incentive Bond”, a highly innovative convertible bond structure, and raises Euro 40mln.
The investor base of CreditAccess Asia widens
The company confirms its plans for an IPO by 2017
CreditAccess Asia NV, industrial operator of credit institutions specialised on lending to artisans and micro-enterprises in India and South East Asia, has launched an “IPO Incentive Bond”. The bond issue is strongly geared towards finalising the IPO (Initial Public Offering) of CreditAccess Asia NV by 2017.
The bond has highly innovative characteristics: 50% of the bonds will be mandatorily converted into company shares at the IPO, while the remaining 50% will be converted at the option of the bondholder. The issue offers significant features such as an annual coupon of 6.5% and the opportunity to subscribe for shares in the IPO at a discount of 20% to the IPO price on the mandatorily convertible portion of the bonds.
The focus of the Company on Asian countries favors the geographic diversification of investors’ portfolios. In addition, the exposure on the segment of artisans and micro-enterprises that do not have access to local banking system provides significant growth opportunities.
The fundraising target of Euro 40m was achieved quickly as a further sign of the great success of the issue. The issue was subscribed by a significant portion of its 140 current shareholders as well as about 30 new investors, further widening the investor base of Credit Access Asia. Banca Esperia acted as sole placement agent of the issue.