6th Nov 2020 14:53
International Personal Finance PLC - Leeds-based consumer lending provider - Concludes exchange offer for existing EUR notes, which will be exchanged for EUR341.2 million in aggregate principal amount of new 9.75% euro-denominated notes due 2025 and around EUR59.5 million in cash. Covenants on its existing GBP and SEK notes have been amended to align with the covenants on the new notes. With this, the firm "has strong liquidity, no material near-term debt maturities and an appropriate and uniform covenant package across its existing notes and the new notes."
Chief Executive Gerard Ryan: "I am delighted to announce our successful new 5-year bond issue and amended covenant package across all our bonds. This will provide the financial foundation on which we will continue to enable financial inclusion of consumers underserved by mainstream lenders by fulfilling their credit needs responsibly. I'd like to thank our bondholders for their continued support of the [International Personal Finance] group - a sustainable, resilient business with a long history of serving our customers well, and consistently delivering good levels of profitability, returns and capital generation."
Current stock price: 68.70 pence; up 8.4% on Friday
Year-to-date change: down 57%
By Anna Farley; [email protected]
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