LendInvest offers to exchange 2023 notes for new 2026 notes

By Marisa Wong

Los Angeles, Sept. 13 – LendInvest Secured Income II plc, an indirectly wholly owned subsidiary of LendInvest plc, announced an offer to holders of the £60 million 5.375% notes due Oct. 6, 2023 (ISIN: XS1791022186) issued by LendInvest Secured Income plc to exchange their existing notes for new sterling-denominated 11.5% notes due Oct. 3, 2026 to be issued by LendInvest Secured Income II, according to a notice.

The principal amount of 2023 notes currently outstanding is £55,002,000.

The parent company, which guarantees the existing notes, will provide a partial 20% guarantee for the new notes.

The company is offering to exchange the existing notes for new notes at a one-to-one exchange ratio and is also offering an exchange fee of £1 per £100 of existing notes, payable in cash.

In addition, holders will receive accrued interest in cash.

The issuer plans to issue additional notes under a separate cash offer. Those additional notes will have the same terms as the new notes to be issued under the exchange offer, but they will be sold for cash.

The exchange offer will expire at 11 a.m. ET on Sept. 27.

Settlement of the exchange is expected to take place on Oct. 3.

Allia C&C is acting as lead manager on the new issue and dealer manager for the exchange offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; lendinvest@is.kroll.com; https://deals.is.kroll.com/lendinvest) is the exchange agent.

LendInvest is a technology-focused property finance asset manager based in London.

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