By Paul A. Harris
Portland, Ore., April 1 - International Personal Finance plc priced a €300 million issue of seven-year senior notes (//BB+) at par to yield 5¾% on Tuesday, according to a market source.
The yield came at the tight end of revised yield talk in the 5 7/8% area. Earlier guidance came in the 6% area.
Joint bookrunner HSBC will bill and deliver. Citigroup is also a joint bookrunner.
The Leeds, England-based home credit company plans to use the proceeds to fund the tender offer for its 11½% guaranteed notes due 2015.
International Personal Finance operates using the Provident brand in Poland, the Czech Republic, Slovakia, Hungary, Mexico, Romania, Lithuania and Bulgaria.
| Issuer: | International Personal Finance plc
|
| Amount: | €300 million
|
| Maturity: | April 7, 2021
|
| Securities: | Senior notes
|
| Bill and deliver: | HSBC
|
| Bookrunners: | Citigroup, HSBC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 477 bps
|
| Price talk: | 5 7/8% area, revised from 6% area
|
| Trade date: | April 1
|
| Settlement date: | April 7
|
| Rating: | Fitch: BB+
|
| Distribution: | Regulation S
|
| Marketing: | Quick to market
|
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