Provident Financial PLC Tier 2 Pricing and Senior Bond Tender (2728O)
07 Octubre 2021 - 01:00AM
UK Regulatory
TIDMPFG
RNS Number : 2728O
Provident Financial PLC
07 October 2021
Provident Financial plc
Tier 2 Pricing and Senior Bond Tender
Provident Financial plc ('PFG' or 'the Group'), the leading
provider of credit products to consumers who are underserved by
mainstream banks, publishes an update to the market today following
the successful pricing of the Group's first Tier 2 subordinated
bond since 2005 and the partial tender of its 2023 Senior
Bonds.
Tier 2 Bond pricing
PFG announces today that it has successfully priced its first
subordinated debt capital to the external markets since 2005. The
pricing is for a GBP200m Tier 2 bond in pound sterling with a 10.25
year maturity, callable after 5.25 years, and a coupon of 8.875%
reflecting the strong interest received from the market and the
Group's improving credit narrative. The bond is being priced with
an expected rating of B+ (Fitch). The pricing of the bonds
represents an important additional step for the Group as it seeks
to diversify its sources of capital and funding, and to finance
future growth opportunities.
Partial tender process
A partial tender process for the Group's 2023 Senior Bonds, with
an 8.25% coupon, was launched by PFG. The Group successfully
repurchased GBP71.5m of its GBP175m outstanding 2023 Senior Bonds,
which do not count towards the Group's regulatory capital. This is
the second time that PFG has successfully launched a partial tender
of these bonds, the last time being August 2020 for GBP75.0m.
Neeraj Kapur, Chief Finance Officer, commented:
"I am pleased to announce the pricing of PFG's first Tier 2
capital issuance since 2005, alongside a buyback of some of our
2023 Senior Bonds, as we continue to target efficiencies across our
capital and funding structure. Following strong demand from
investors, we have priced GBP200m of Tier 2 subordinated debt
capital, in a typical form under UK regulation, with a 10.25 year
maturity, callable at 5.25 years, and a coupon of 8.875%. The
strong support we received from participating investors was
excellent and a real endorsement of our strategic objectives moving
forwards. In combination with other debt refinancing activities
that have been executed since our half year results, this places
the Group in a very strong capital and liquidity position."
Enquiries:
Analysts and shareholders:
Owen Jones, Group Head of Investor
Relations 07341 007842
Owen.jones@providentfinancial.com
Media:
Richard King, Provident Financial 07919 866876
Nick Cosgrove/Simone Selzer,
Brunswick 0207 4045959
providentfinancial@brunswickgroup.com
Distribution Restrictions
Please note that the information contained in this announcement
and the Final Terms may be addressed to and/or targeted at persons
who are residents of particular countries (specified in the Base
Prospectus dated 23 September 2021)) only and is not intended for
use and should not be relied upon by any person outside these
countries and/or to whom the offer contained in the Final Terms is
not addressed. Prior to relying on the information contained in
this announcement, the Final Terms and the Base Prospectus you must
ascertain from the Final Terms and the Base Prospectus whether or
not you are part of the intended addressees of the information
contained therein.
This announcement does not contain or constitute an offer of, or
the solicitation of an offer to buy, securities to any person in
the United States or in any jurisdiction to whom or in which such
offer or solicitation is unlawful.
The notes referred to in the Final Terms and the Base Prospectus
(the "securities") have not been, and will not be, registered under
the US Securities Act of 1933, as amended (the "Securities Act"),
or under any relevant securities laws of any state of the US and
are subject to US tax law requirements. Subject to certain
exceptions, the securities may not be offered or sold directly or
indirectly within the US or to, or for the account or benefit of,
US persons or to persons within the US, as such terms are defined
in Regulation S under the Securities Act. Any forwarding,
distribution or reproduction of the Final Terms or the Base
Prospectus in whole or in part is prohibited. Failure to comply
with this notice may result in a violation of the Securities Act or
the applicable laws of other jurisdictions. There will be no public
offering of the securities in the United States.
The Base Prospectus is available at
https://www.rns-pdf.londonstockexchange.com/rns/7891M_1-2021-9-23.pdf,
the Supplementary Base Prospectus is available at
https://www.rns-pdf.londonstockexchange.com/rns/9638N_1-2021-10-4.pdf
and the Final Terms (when published) will be available at:
https://www.londonstockexchange.com/news?tab=news-explorer.
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time by the assigning rating organisation.
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