Further re Bank Facilities

RNS Number : 4561W

International Personal Finance Plc

18 November 2010

 



International Personal Finance plc ("IPF")

As part of the Group's strategy to diversify its sources of funding and extend its debt maturity profile, IPF today announces that it has secured £200m of 3 year committed bank facilities maturing in 2013. The facilities are priced at 400 basis points over reference rate and there has been no change in financial covenants. The co-ordinators were Citigroup Global Markets Limited and HSBC Bank plc.

This follows the issue in August of €225m (c£180m) of 5 year bonds under the euro medium term note programme and 200m zloty (c£40m) of Polish bonds in October, maturing June 2015. As previously stated, the combined effect of these bond and bank transactions is that the Group's funding costs are expected to increase to approximately 7.5% of revenue in 2011.

IPF's funding profile is now as follows:

	Maturity	£m
Bonds
EMTN	August 2015	180
Polish bond	June 2015	40
Bank facilities
3 year facilities	March - November 2013	200
1 year facilities	May - October 2011	35
Total		455

This provides sufficient funding to support planned growth in existing and new markets through to 2013.

Commenting, David Broadbent, Group Finance Director, said:

"We are very pleased to complete our objective of diversifying our sources of funding and extending the maturity of our debt facilities. This bank transaction, coupled with the bonds issued earlier this year, means that we have sufficient funding to support the excellent opportunities that IPF has for growth in both existing and new markets".

Rosamond J Marshall Smith

General Counsel and Company Secretary                     [phone]

For further information contact:

International Personal Finance plc

Helen Spivey (Investor Relations)                                  [phone]

Victoria Richmond (Media)                                           [phone]

Finsbury                                                                       [phone]

James Leviton

Charles Watenphul

 

END

 

 

IODLLFFRLSLTLII