24 Mar 2011 17:46
Provident Financial plc
24 March 2011
Provident Financial plc announces the closing of the offer period for its new 7.5% bond issue due 2016 launched on 10 March 2011 and aimed at retail investors.
Following a successful book building process, the company will issue £50 million of bonds, subject to listing and allotment, on 31 March 2011.
Andrew Fisher, Finance Director of Provident Financial plc commented "As one of the very first issuers of a retail bond listed on the London Stock Exchange's ORB platform last April, we are delighted with the significant demand for our second bond, totalling £50 million. This adds to the group's programme of diversifying and lengthening the duration of its funding. Most importantly, the breadth of support from brokers and their retail customers has confirmed my belief that this market will be an important ongoing source of funding for Provident Financial. I would like to thank Evolution Securities, our lead manager, for their work on our issue and more broadly the commitment they have shown in helping to develop this market."
For enquiries please contact:
Media
David Stevenson, Provident Financial 01274 351351Eilis Murphy, Brunswick 020 7404 5959
Debt Investor Relations
Phil Shepherd, Provident Financial 01274 351566
Note to Editors:-
The bonds pay a fixed gross rate of interest of 7.5% per year until September 2016. During its life, investors can sell the bonds at any time (during market hours and in normal market conditions) on the open market through their stockbroker. The bonds will be listed on the London Stock Exchange (LSE) and will trade on the LSE's Order book for Retail Bonds.
The bonds will be issued under Provident Financial plc's £2,000,000,000 EMTN programme and are unconditionally and irrevocably guaranteed by Provident Financial Management Services Limited, Provident Personal Credit Limited, Greenwood Personal Credit Limited and Provident Investments plc.
The bonds will be issued on 31 March 2011 and interest will accrue from this date.