8th Oct 2021 06:46
Provident Financial PLC - Bradford, England-based lender - Prices its first subordinated debt capital to the external markets since 2005. The pricing is for a GBP200 million tier 2 bond in pound sterling with a 10.25 year maturity, callable after 5.25 years, and a coupon of 8.875%. The pricing of the bonds represents an additional step for the company, it says, as it seeks to diversify its sources of capital and funding, and to finance future growth opportunities.
In addition, Provident Financial launches a partial tender process for its 2023 senior bonds, with an 8.25% coupon. The company says it has repurchased GBP71.5 million of its GBP175 million outstanding 2023 senior bonds. This is the second time that Provident Financial has launched a partial tender of these bonds, the first time being August 2020 for GBP75.0 million.
Current stock price: 327.60 pence
Year-to-date change: up 6.7%
By Evelina Grecenko; [email protected]
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