Provident Financial announces indicative results of tender offer
Register for free to receive latest news stories direct to your inboxRegister
Listed lender Provident Financial has released indicative results of its invitation to holders of its £250,000,000 7% Notes due 2023 to tender such Notes for purchase by the company for cash.
The expiration deadline for the offer was 4pm (London time) on 5 October 2021. Provident says by the time this deadline expired, £71,453,000 in aggregate principal amount of Notes had been validly tendered.
The offer was made on the terms and subject to the conditions contained in a tender offer memorandum dated 29 September 2021.
Bradford-based Provident intends to announce the aggregate principal amount of Notes to be accepted and any pro-ration factor at or around 5pm (London time) today.
Provident has explained the offer is designed to help manage its upcoming debt redemption, to extend its debt maturity profile and to further strengthen and diversify the capital base of the company and its subsidiaries with the intended issue of New Notes.