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LendInvest launches exchange offer to 2022, 2023 noteholders
By Mary-Katherine Stinson
Lexington, Ky., July 13 – LendInvest Secured Income II plc, a wholly owned subsidiary of LendInvest plc, launched an exchange offer to holders of the £52,685,000 outstanding 5¼% notes due 2022 and the £60 million 5 3/8% notes due 2023 each issued by LendInvest Secured Income plc to exchange their existing bonds for the new bonds., according to multiple notices on Wednesday.
The company is offering new 6½% notes due Aug. 8, 2027 issued by Secured Income II with the benefit of a partial 20% guarantee by LendInvest plc.
The company will also be selling the 6½% notes for cash, with the exchange notes and the cash notes issued as a single class.
The new notes offering is capped at a total £120 million, whether through exchange or cash.
The issue price of the new notes is par.
The offer period is expected to close at 11 a.m. ET on Aug. 3.
The bonds are expected to begin trading on the London Stock Exchange on or around Aug. 9.
The company is seeking to extend its maturity profile through the exchange offer.
Allia C&C is acting as dealer manager for the exchange offer and the lead manager for the cash offer.
Kroll Issuer Services Ltd. is the exchange agent (+44 20 7704 0880, lendinvest@is.kroll.com).
U.S. Bank Trustees Ltd. will be the trustee for the new, unrated senior notes.
LendInvest is a technology-focused property finance asset manager based in London.
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