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Provident Financial accepts tenders for £75 million 7% notes due 2023
By Marisa Wong
Los Angeles, Aug. 11 – Provident Financial plc announced the final results of its offer to purchase for cash up to £75 million of its £250 million 7% notes due 2023 (ISIN: XS1827005411) guaranteed by Provident Financial Management Services Ltd., Provident Personal Credit Ltd., Duncton Group Ltd., Moneybarn Group Ltd. and Moneybarn No.1 Ltd.
As of 11 a.m. ET on Aug. 10, the expiration of the offer, holders had tendered £129,035,000 of the notes.
The company will accept for purchase £75 million of the notes using a proration factor of 67.35%, according to a press release.
The notes will be purchased at 96.9. The purchase price was determined according to modified Dutch auction procedures, subject to a minimum purchase price of 94.
The company will also pay accrued interest to but excluding the settlement date, which is expected to be Aug. 12.
Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com) and NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson/Owen Morris, 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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