|Delayed - 01/26 11:35:19 am|
International Personal Finance : Exchange Offer and Consent Solicitations Results
|11/06/2020 | 02:01am|
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN
INTERNATIONAL PERSONAL FINANCE PLC ANNOUNCES SUCCESSFUL CONCLUSION OF EXCHANGE OFFER AND CONSENT SOLICITATIONS
(incorporated with limited liability in
(the "Issuer" or "IPF")
(the "Existing EUR Notes")
(the "Existing GBP Notes")
(the "Existing SEK Notes" and, together with the Existing EUR Notes and the Existing GBP Notes, the "Existing Notes")
IPF is pleased to announce the successful conclusion of the Exchange Offer in respect of the Existing EUR Notes and the Consent Solicitations in respect of each series of the Existing Notes, as more fully set out below.
(a) all of the outstanding Existing EUR Notes will be exchanged for approximately
(b) the covenants in the Existing GBP Notes and the Existing SEK Notes have been amended and aligned with the covenants in the New Notes, the details of which were set out in the launch announcement dated
Following this successful liability management exercise, IPF has strong liquidity, no material near-term debt maturities and an appropriate and uniform covenant package across its Existing Notes and the New Notes.
"I am delighted to announce our successful new 5-year bond issue and amended covenant package across all our bonds. This will provide the financial foundation on which we will continue to enable financial inclusion of consumers underserved by mainstream lenders by fulfilling their credit needs responsibly. I'd like to thank our bondholders for their continued support of the
The Results of the Meetings
Separate meetings of the holders of each series of Existing Notes were held on
(a) each extraordinary resolution in respect of the Existing EUR Notes was duly passed at the relevant meeting with a majority of in excess of 99 per cent. of the votes cast and a quorum of 84.7 per cent. of the outstanding Existing EUR Notes;
(b) the extraordinary resolution in respect of the Existing GBP Notes was duly passed at the relevant meeting with a majority of 95.3 per cent. of the votes cast and a quorum of 77.8 per cent. of the outstanding Existing GBP Notes;
(c) the extraordinary resolution in respect of the Existing SEK Notes was duly passed at the relevant meeting with a majority of 100 per cent. of the votes cast and a quorum of 92.9 per cent. of the outstanding Existing SEK Notes;
(d) as a result of the above, in respect of each series of Existing Notes, the Other Notes Consent Condition has been satisfied and all other conditions to the implementation of the Proposal have been satisfied; and
(e) the applicable modifications of the terms and conditions of each series of Existing Notes have accordingly been implemented by the execution of the relevant supplement trust deeds.
Pursuant to Condition 6(i) of the Existing EUR Notes (as added pursuant to the supplemental trust deed entered into in respect of the Existing EUR Notes), IPF intends to provide notice to holders of the Existing EUR Notes who have not accepted the Exchange Offer that IPF shall require such holders to exchange their holdings of Existing EUR Notes for New Notes on
The Payment Date in respect of the Early Voting Fee payable to those holders of the Existing GBP Notes and the Existing SEK Notes eligible to receive such Early Voting Fee will be
The Settlement Date in respect of the Exchange Offer will be
As noted above, it is expected that the mandatory exchange will take place on
Capitalised terms used in this announcement but not defined herein have the meanings given in the Launch Announcement.
The Exchange Offer and Consent Solicitation for the Existing EUR Notes was managed by
Investor relations Rachel Moran+44 (0)7760 167637 / +44 (0)113 285 6798
and media contact:
A copy of this statement can be found on our website - www.ipfin.co.uk
This announcement is released by
Nothing in this announcement constitutes or contemplates an offer of, an offer to purchase or the solicitation of an offer to sell any security in any jurisdiction. The distribution of this announcement and the Memorandums and the making of the Proposal by IPF in certain jurisdictions may be restricted by law. Persons into whose possession this announcement, the Launch Announcement, the announcement dated
This information is provided by RNS, the news service of the
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