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Provident Financial holds one-week tender for £250 million 8% bonds
By Susanna Moon
Chicago, May 22 – Provident Financial plc is tendering for its £250 million 8% guaranteed bonds due 2019 until 11 a.m. ET on May 30.
The notes are guaranteed by Provident Financial Management Services Ltd., Provident Personal Credit Ltd., Greenwood Personal Credit Ltd., Provident Investments plc, Duncton Group Ltd., Moneybarn Group Ltd. and Moneybarn No.1 Ltd.
The cash purchase price will be 108% of par plus accrued interest to but excluding the settlement date.
The offer is being made to proactively manage the company’s upcoming debt redemption and to extend its debt maturity profile along with a planned issue of new notes, according to a company notice.
The company said it plans to price new sterling-denominated notes under its £2 billion euro medium-term notes program.
When considering allocations of new notes, the company said it will “look favorably” on investors who plan to tender their bonds in the offer.
Holders who subscribe for new notes in addition to tendering in the offer may receive priority in the allocation of the new issue; however, the company is not obliged to do so, the release noted.
The new notes will not be offered or sold in the United States.
Tender instructions must be submitted for a minimum of £50,000 and in integrals of £1,000 after that.
Settlement will occur on June 4.
Banco Santander, SA (+44 207 756 6909 or tommaso.grospietro@santandergcb.com/ king.cheung@santandergcb.com), Barclays Bank plc (+44 203 134 8515 or eu.lm@barclays.com), Lloyds Bank plc (+44 207158 1719/1726 or liability.management@lloydsbanking.com) and NatWest Markets plc (+44 207 678 5222 or liabilitymanagement@natwestmarkets.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or PFG@lucid-is.com) is the tender agent.
Provident Financial is a United Kingdom-based company that provides personal credit products.
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