Provident Financial announces results of tender offer for 7% notes

Chicago, Oct. 6 – Provident Financial plc announced the results of its tender offer for its £175 million outstanding 7% notes due 2023 (ISIN: XS1827005411), according to an announcement.

At the expiration deadline at 11 a.m. ET on Oct. 5, the company had received tenders for £71,453,000 of the notes.

The company has decided to accept all of the notes and not apply any proration factor.

The offer was set up as a capped offer based on a new offering of notes, with the cap set £100 million underneath the amount of new notes sold.

It was expected that the company would accept between £50 million and £100 million of notes in the tender offer.

The company is offering 105.5 for the notes, plus accrued interest to the tender offer settlement date.

The offer is subject to the new financing condition.

The new notes are expected to price on Oct. 6.

Settlement of the tender offer is expected for Oct. 13.

Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Credit Suisse International (+44 20 7883 8763, liability.management@credit-suisse.com) are the dealer managers.

Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, pfg@lucid-is.com).

Provident Financial is a United Kingdom-based company that provides personal credit products.

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