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Provident Financial PLC   -  PFG   

Result of Tender Offer

Released 10:48 31-May-2018

RNS Number : 8442P
Provident Financial PLC
31 May 2018
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

31 May 2018

 

PROVIDENT FINANCIAL PLC

final results of tender offer in relation to its

£250,000,000 8.00 per cent. Guaranteed Bonds due 2019

Further to its announcement on 22 May 2018, Provident Financial plc (the "Company") hereby announces the final results of the invitation to Holders of its £250,000,000 8.00 per cent. Guaranteed Bonds due 2019 (ISIN: XS0459028626) unconditionally and irrevocably guaranteed by each of Provident Financial Management Services Limited, Provident Personal Credit Limited, Greenwood Personal Credit Limited, Provident Investments plc, Duncton Group Limited, Moneybarn Group Limited and Moneybarn No.1 Limited (the "Bonds") to tender such Bonds for purchase by the Company for cash (the "Offer"). The Offer was made on the terms and subject to the conditions, including the New Financing Condition, contained in the tender offer memorandum dated 22 May 2018 (the "Tender Offer Memorandum") prepared by the Company.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 30 May 2018.

As at the Expiration Deadline, £222,525,000 in aggregate principal amount of Notes had been validly tendered pursuant to the Offer.

The Company hereby announces that, subject to the satisfaction of the New Financing Condition, it has decided to accept for purchase an aggregate principal amount of Bonds amounting to £222,525,000.

 

Description of the Bonds

 

Outstanding Principal Amount

Purchase Price

 

Outstanding Principal Amount after Settlement Date

 

£250,000,000

8.00 per cent. Notes due 2019

 

XS0459028626/ 045902862

 

 

£250,000,000

 

 

108 per cent.

 

 

£27,475,000

Subject to the satisfaction of the New Financing Condition, the Purchase Price, together with the Accrued Interest, will be paid to Holders whose Bonds have been accepted for purchase by the Issuer. The Settlement Date of the Offer is expected to occur on Monday 4 June 2018.



 

The Dealer Managers

Banco Santander, S.A.

Gran Vía de Hortaleza 3

Edificio Pedreña

28033 Madrid

Telephone: +44 207 756 6909

Attention: Liability Management

Email: tommaso.grospietro@santandergcb.com/king.cheung@santandergcb.com

Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB

Telephone: +44 203 134 8515

Attention: Liability Management Group

Email: eu.lm@barclays.com

Lloyds Bank plc

10 Gresham Street

London EC2V 7AE

Telephone: +44 207158 1719/1726

Attention: Liability Management

Email: liability.management@lloydsbanking.com

NatWest Markets Plc

250 Bishopsgate

London EC2M 4AA

Telephone: +44 207 678 5222

Attention: Liability Management

Email: liabilitymanagement@natwestmarkets.com

The Tender Agent

Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA

Telephone: +44 20 7704 0880
Attention: Thomas Choquet
Email: PFG@lucid-is.com

This announcement is released by Provident Financial plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Offer described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Andrew Fisher at Provident Financial plc.

DISCLAIMER

The offer period for the Offer has now expired. No further tenders of any Notes may be made pursuant to the Offer. This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully. If any Noteholder is in any doubt as to the contents of this announcement and/or the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. The Dealer Managers and the Tender Agent do not accept any responsibility for the accuracy or completeness of the information contained in this announcement or the Tender Offer Memorandum including (without limitation) information concerning the Company or its subsidiaries and affiliates or for any failure by the Company to disclose events that may have occurred and may affect the significance or accuracy of such information.

Nothing in this announcement and the Tender Offer Memorandum or the electronic transmission thereof constitutes an offer to sell or the solicitation of an offer to buy the New Notes in the United States or any other jurisdiction. No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities. No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Result of Tender Offer - RNS