28th Oct 2014 13:38
LONDON (Alliance News) - Arrow Global Group PLC Tuesday said it remains on track to deliver overall results in line with its expectations for 2014.
In a statement, the debt purchaser said core collections for the three months ended September 30 increased compared with the corresponding period in 2013, citing the rise in its purchased loan portfolios.
Between July 1 and September 30, Arrow Global acquired loan portfolios with a face value of GBP120 million for GBP23.6 million.
"We expect our full year purchases to be in line with our previous expectations, which, we believe, will lay a strong foundation for earnings growth in future years," Arrow Global said in a statement.
On Monday, Arrow Global said it intends to offer EUR220 million of senior secured floating rate notes due 2021, with the net proceeds to finance the previously reported acquisition of Capquest, a UK consumer-debt purchaser and outsourced collections provider, and to repay a portion of amounts drawn under the group's revolving credit facility.
It said the offer is subject to market conditions.
Arrow Global shares were Tuesday quoted up 1.4% at 252.50 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ARW.L