BIBAY - Bayport Securitisation (RF) Ltd - R500 million Warehousing Facility to
JSE
BIBAY
BIBAY - Bayport Securitisation (RF) Ltd - R500 million Warehousing Facility to
be provided by The Standard Bank of South Africa Limited and change of name of
Bayport Securitisation
Bayport Securitisation (RF) Ltd
(Incorporated with limited liability in the Republic of South Africa)
(Registration number M2008/003557/06)
Formerly called Bayport Securitisation (Proprietary) Limited
(with registration number 2008/003557/07)
("Bayport Securitisation")
R500 million Warehousing Facility to be provided by The Standard Bank of South
Africa Limited ("SBSA") and change of name of Bayport Securitisation
Bayport Securitisation has concluded a warehousing facility agreement with SBSA
in terms of which it will utilise the facility up to a limit of R500 million to
purchase loan claims from the originator, Bayport Financial Services 2010 (Pty)
Limited (the "Transaction").
Subsequent to this Transaction, the A(RSA) credit rating of the Class A notes
currently in issue has been confirmed by Global Credit Ratings.
SBSA acted as lead arranger and underwriter for this facility.
Due to the changes introduced by the Companies Act, No.71 of 2008, it became
necessary for Bayport Securitisation to convert from a private company to a
public company to enable Bayport Securitisation to offer Notes under the
Programme to the public and to allow transferability of such securities.
It was also necessary to draw specific notice to the special conditions setting
out restrictive conditions in the constitutional documents of Bayport
Securitisation in its Notice of Incorporation and insert the designation "RF" in
the name of Bayport Securitisation.
The permission of the Noteholders to make the necessary changes was sought and
was obtained during July 2011 and the change of name became effective on 1
September 2011.
For further information please contact:
Mr Mark Herskovits (Transaction Capital) (011) 531 5391
6 September 2011
Date: 06/09/2011 17:00:02 Produced by the JSE SENS Department.
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