International Personal Finance issues £30 million 2027 notes under exchange offer, cash offer

By Marisa Wong

Los Angeles, Nov. 27 – International Personal Finance plc announced it increased the aggregate principal amount outstanding of its sterling-denominated 12% notes due Dec. 12, 2027 (ISIN: XS2551486058) by £30 million, taking the total amount issued through this series to £80 million, according to a Friday press release.

The £30 million of new notes consist of notes issued in exchange for existing notes under an exchange offer and notes issued for cash under a concurrent retail offer. Both offers were launched on Nov. 2.

Holders of £16,842,100 of the company’s £40,494,800 7¾% notes due Dec. 14, 2023 (ISIN: XS1998163148) elected to exchange the 2023 notes into the same amount of new 12% notes due 2027 under the exchange offer.

An additional £13,157,900 of new notes will be issued for cash, of which £4,508,400 will be retained in treasury by the issuer for possible sale in the future.

Once the exchange offer and new issue settle, the company will have £23,652,700 notes due 2023 and, excluding those notes retained in treasury, £75,491,600 of notes due 2027 and will receive £8,014,494 of net cash proceeds.

Exchange offer details

Under the offer to exchange the existing 2023 notes for new 2027 notes on a one-to-one basis, the company had also offered to pay accrued interest to but excluding the settlement date and an exchange fee of £1.50 per £100 nominal amount of notes exchanged.

The exchange deadline was 7 a.m. ET on Nov. 23.

Settlement is planned for Dec. 12.

The existing notes and new notes have a guarantee from IPF Holdings Ltd., International Personal Finance Investments Ltd., IPF International Ltd. and IPF Digital Group Ltd.

The original £50 million of 2027 notes were issued on Dec. 12, 2022.

Kroll Issuer Services Ltd. is the exchange and information agent.

Proceeds of the newly issued notes will be used to support further growth in the company’s business.

Further information may be obtained from the company (Kris Adamski (group treasurer) +44 11 3539 5466; Rachel Moran (investor relations manager) +44 77 6016 7637).

The provider of home credit in emerging markets is based in Leeds, U.K.

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