By Susanna Moon
Chicago, Dec. 22 – Emerging markets-focused International Personal Finance plc priced another €12 million of 5¾% notes due 2021 (//BB) at a price of 93.5 to yield 8.06%.
The issue price also included plus 259 days’ accrued interest to Dec. 22, according to a term sheet.
The notes will be consolidated and form a single series with the €300 million of notes issued on April 7, 2014 and the €100 million add-on tranche issued on April 23, 2015.
As reported the company priced €300 million of the senior notes (//BB+) at par to yield 5¾% on April 1, 2014, at the tight end of revised yield talk in the 5 7/8% area. Earlier guidance was in the 6% area.
Joint bookrunner HSBC was the bill and deliver. Citigroup was also a joint bookrunner.
The Leeds, England-based home credit company planned to use the proceeds of the original issue 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
|
| Issue: | Add-on to senior notes
|
| Amount: | €12 million
|
| Maturity: | April 7, 2021
|
| Bookrunners: | HSBC (bill and deliver); Citigroup
|
| Coupon: | 5¾%
|
| Price: | 93.5
|
| Yield: | 8.06%
|
| Trade date: | Dec. 20
|
| Settlement date: | Dec. 22
|
| Rating: | Fitch: BB
|
| Distribution: | Regulation S
|
| Original issue: | €300 million priced at par on April 1, 2014 and settled on April 7, 2014
|
| Previous add-on: €100 million settled on April 23, 2015
|
| Total deal size: | €412 million
|
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