International Public Finance Launches New 7.75% Notes Due 2023 (ALLISS)

LONDON (Alliance News) - International Public Finance PLC said Thursday it has launched a new ...

Alliance News 16 May, 2019 | 6:14PM
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LONDON (Alliance News) - International Public Finance PLC said Thursday it has launched a new 7.75% unsecured note due 2023, whilst also offering holders of the 6.125% notes due 2020 the opportunity to exchange.

The home credit firm launched the new 7.75% notes - which are expected to be rated Ba3 by Moody's Investors Service and BB by Fitch Ratings - in order to raise funds for "general corporate purposes."

The offer will close on June 7.

"IPF plays an important role in providing credit to more than two million customers across 11 markets, through our home credit and digital lending businesses," IPF Chief Executive Officer Gerard Ryan said.

"IPF has always operated with a strong balance sheet and funding position, with a range of both wholesale and retail bonds across a number of currencies and a range of bank facilities from a core group of international banks," Ryan added. "We first accessed the sterling retail bond market in 2013, and this new transaction forms part of our long-established debt funding strategy of maintaining a diversified portfolio of debt facilities, and extending our debt maturity profile to ensure long-term funding for the development of our business."

In a separate announcement, IPF - which owns brands including Credit24, Hapiloans and Creditea - offered holders of its 6.125% notes the opportunity to exchange them for the new 7.75% notes.

Shares in IPF closed 2.1% lower at 161.60 pence on Thursday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
International Personal Finance PLC 89.00 GBX -4.09 -
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