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Provident Financial starts tender offer with cap based on new offer
Chicago, Sept. 29 – Provident Financial plc has started a tender offer for its £175 million outstanding 7% notes due 2023 (ISIN: XS1827005411), according to an announcement.
The notes are guaranteed by Provident Financial Management Services Ltd., Provident Personal Credit Ltd., Duncton Group Ltd., Moneybarn Group Ltd. and Moneybarn No.1 Ltd.
The maximum acceptance amount will be determined by an amount of new notes sold minus £100 million.
It is expected that the company will accept between £50 million and £100 million of notes in the tender offer.
Through the tender offer and the new notes, the company seeks to proactively manage its upcoming debt redemption, to extend its debt maturity profile and to further strengthen and diversify the capital base of the company and its subsidiaries.
The company is offering 105.5 for the notes, plus accrued interest to the tender offer settlement date.
Tenders may be subject to proration.
The offer is subject to the new financing condition.
Tendering noteholders may receive priority in the allocation of the new notes. Noteholders should contact the dealer manager and demonstrate eligibility and express interest in the new notes with their tender instructions, if applicable.
Tender instructions are due by 11 a.m. ET on Oct. 5.
The new notes are expected to price on Oct. 6.
Settlement of the tender offer is expected for Oct. 13.
Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Credit Suisse International (+44 20 7883 8763, liability.management@credit-suisse.com) are the dealer managers.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, pfg@lucid-is.com).
Provident Financial is a United Kingdom-based company that provides personal credit products.
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