Exchange and Cash Offer for £30 million New 12% 2027 Notes

Singer Capital Markets’ Debt team is delighted to have acted as Sole Lead Manager to International Personal Finance plc (‘IPF’) in the successful exchange and new cash offer for £30 million of its sterling-denominated 12% notes due 12 December 2027.

The successful increase takes the total amount issued through this series of notes to £80 million. The net proceeds of the newly issued notes will be used to support further growth in the Issuer’s business.

Summary:

• Holders of £16,842,100 of the Issuer’s existing sterling notes due 14 December 2023 have elected to exchange them into the same amount of new 12 per cent. notes due 12 December 2027, pursuant to the exchange offer announced on 2 November 2023 (the “Exchange Offer”)

• An additional £13,157,900 of new notes will be issued for cash as Cash Offer New Notes (as defined below) (of which, £4,508,400 of Cash Offer New Notes will be retained in treasury by the Issuer, for possible sale in the future).

The net effect is:

• Prior to the Exchange Offer and new issue, the Issuer had £40,494,800 sterling notes maturing 14 December 2023

• Once the Exchange Offer and new issue settle, the Issuer will have £23,652,700 sterling notes maturing 14 December 2023 and (excluding for these purposes those notes retained in treasury) £75,491,600 sterling notes maturing 12 December 2027, and will receive £8,014,494 of net cash proceeds; and

• The total size of the issue of New Notes (including those retained in treasury by the Issuer) is £30,000,000.

Commenting on the transaction, Gary Thompson, Chief Financial Officer, said:

“We are pleased to have increased the size of our sterling retail bond issue maturing in December 2027 by £30 million. We have now issued a total of £80 million through these bonds and they represent a very important component of our funding profile as we continue to deliver on our growth ambitions. I would like to thank our existing bondholders who extended and welcome our new bondholders.”

About International Personal Finance plc

International Personal Finance plc is a global financial services company, responsibly offering simple and affordable financial solutions. Their expert teams work together, every day, to meet the unique needs of their customers to build a better world through financial inclusion.

Since 1997, more than 14 million individual customers have used their services, choosing a financial solution that best meets their needs from their broad portfolio of innovative products. Their home credit service is available through their Provident brand in Europe and Mexico and their digital services are offered through Creditea and Credit24 brands in Australia, Europe, the Baltics and Mexico.

Ticker: IPF
Market Cap: £266.74 million*
Website: Click here

*Market cap as at 24/11/2023