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International Personal Finance seeks to swap 2023 notes for 2027 notes
By Marisa Wong
Los Angeles, Nov. 15 – International Personal Finance plc is inviting holders of its outstanding 7¾% notes due 2023 (ISIN: XS1998163148) to exchange their notes for new retail-eligible fixed-rate senior sterling-denominated 12% notes due Dec. 12, 2027 (expected: Ba3//BB-), according to a notice.
The purpose of the exchange offer is to extend the maturity profile of part of the issuer’s debt financing.
The issuer is offering £100 of new notes for each £100 of existing 2023 notes, accrued interest and an exchange fee in cash in the amount of £1.50 per £100 of 2023 notes.
At the same time as the exchange offer, the issuer is selling additional 12% notes due Dec. 12, 2027. Any notes issued under the exchange offer and any notes issued under the cash offer will form a single series (ISIN: XS2551486058).
The exchange offer expires at 7 a.m. ET on Dec. 6.
Results will be announced on Dec. 7.
Settlement is expected on Dec. 12.
WH Ireland Ltd. is acting as dealer manager for the notes.
Kroll Issuer Services Ltd. (https://deals.is.kroll.com/ipfin) is the exchange and information agent.
The provider of home credit in emerging markets is based in Leeds, U.K.
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