(Alliance News) - Provident Financial PLC on Tuesday said it will purchase just over half of the notes offered by shareholders under a tender offer for 2023 notes.
The Bradford, England-based sub-prime lender is to buy back GBP75 million of the GBP129 million notes offered back by its shareholders following the company's tender offer for outstanding GBP250 million notes due in 2023.
The company said that the transaction will reduce its cost of borrowing and strengthens its balance sheet in line with the overall strategy of strengthening its position in the market.
Provident Financial shares were up 2.5% at 191.80 pence each on Tuesday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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