By Rebecca Melvin
Concord, N.H., Oct. 5 – International Personal Finance plc priced SEK 450 million floating rate notes due 2024 at par, according to a company news release.
The notes, which are being issued under the company’s euro medium-term note program, will yield Stibor, subject to a zero floor, plus 700 basis points.
ABG Sundal Collier AB was dealer of the new transaction, heading up fixed-income meetings held last week.
Concurrently with the new issue, holders of the company’s existing floating-rate notes due June 15, 2022 will be able to exchange existing notes for the new notes in an equivalent principal amount and payment in cash of accrued interest and a premium.
The proceeds of the new notes will be applied toward the refinancing of the existing notes and for general corporate purposes. The purpose of the new notes would be to extend the maturity profile of the company’s debt funding sources.
In accordance with the existing notes redemption requirement, the company will redeem all of the remaining existing notes on Oct. 21 at 101.75 plus accrued interest.
Gernandt & Danielsson Advokatbyra KB is the legal counsel for ABG Sundal Collier AB.
Slaughter and May is the legal counsel for the company.
The provider of home credit in emerging markets is based in Leeds, England.
| Issuer: | International Personal Finance plc
|
| Issue: | Floating-rate notes
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| Amount: | SEK 450 million
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| Maturity: | 2024
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| Dealer: | ABG Sundal Collier AB
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| Coupon: | Stibor plus 700 bps
|
| Price: | Par
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| Yield: | Stibor plus 700 bps
|
| Announcement date: | Oct. 5
|
| Issue date: | Oct. 19
|
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