International Personal Finance gives results of exchange offer

By Mary-Katherine Stinson

Lexington, Ky., Dec. 7 – International Personal Finance plc reported the final results of its offer to exchange outstanding 7¾% notes due 2023 (ISIN: XS1998163148) for new retail-eligible fixed-rate senior sterling-denominated 12% notes due Dec. 12, 2027 (expected: Ba3//BB-), according to a notice.

At the expiration of the offer at 7 a.m. ET on Dec. 6, holders of £37,605,200 of the 2023 notes elected to exchange them into the same amount of new 2027 notes.

The purpose of the exchange offer was to extend the maturity profile of part of the issuer’s debt financing.

As previously reported, the issuer was 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 was selling additional 12% notes due Dec. 12, 2027.

As of the expiration date, an additional £12,394,800 of new notes will be issued for cash of which £9,775,000 will be retained in treasury by the issuer for a possible future sale.

The cash offer new notes final terms are available for viewing on the issuer's website at https://www.ipfin.co.uk/en/investors/debt-funding-information.html.

In total, the issuer will issue £50 million nominal amount of notes, including those retained in treasury, on the settlement date of Dec. 12. Both the exchange offer new notes and cash offer new notes will form a single series (ISIN: XS2551486058).

After settlement, £40,494,800 notes maturing Dec. 14, 2023 will remain, excluding those retained in treasury. Preceding the offer, there were £78.1 million outstanding.

After settlement, there will be £40,225,000 notes maturing Dec. 12, 2027.

Estimated net proceeds of the offer are £39,621,625 with £603,375 payable to the dealer manager in expenses.

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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