Bayport Management: BAYP001 O2 bondholders approve amending terms

By Toni Weeks

San Diego, Nov. 2 - Bayport Management Ltd. said that 86% of its BAYP001 O2 bondholders voted in favor of aligning the terms of the BAYP001 O2 bonds with those of the BAYP002 O2 bonds.

According to an announcement, the BAYP001 O2 terms have now been amended to allow for the company to hold equity on behalf of employees for an incentive scheme, give a limited number of guarantees in some circumstances, test the covenant on the aggregate book and create a wider definition of the cross default provision, among other changes.

Bayport is an emerging markets non-bank retail credit provider in Botswana, Colombia, Ghana, Tanzania, Uganda and Zambia. Its headquarters are in Ebene, Mauritius.

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