Result of Tender Offer

RNS Number : 1499B

Provident Financial PLC

21 October 2009

 



Provident Financial Investments Limited announces pricing and final results of the Offer in respect of the £100,000,000 7.125 per cent Subordinated Step-Up Bonds due 2015 issued by Provident Financial plc on 15 June 2005

21 October 2009

On 14 October 2009, Provident Financial Investments Limited (the "Offeror") announced an invitation to holders of the outstanding £100,000,000 7.125 per cent. Subordinated Step-Up Bonds due 2015 issued by Provident Financial plc on 15 June 2005 (ISIN: XS0220965759) (the "Bonds") to submit tenders to sell their Bonds to the Offeror for cash, in an unmodified Dutch auction (the "Offer"). The Offer was made upon the terms and subject to the conditions contained in a tender offer memorandum dated 14 October 2009 (the "Tender Offer Memorandum") prepared in connection with the Offer.

The Offer expired at 4.00 p.m. London time on Tuesday, 20 October 2009.

The Offeror has accepted for purchase £94,021,000 in aggregate principal amount of Bonds validly tendered and not withdrawn in accordance with the terms and conditions of the Offer. The Bonds accepted for purchase in the Offer will be purchased at a purchase price of £975 per £1,000 in principal amount (the "Purchase Price"). The Offeror will also pay accrued but unpaid interest of £25.38 per £1,000 in principal amount on those Bonds accepted for purchase in accordance with the terms and conditions of the Offer, assuming settlement occurs as expected on 23 October 2009.

Further Information

The Offer is described in full in the Tender Offer Memorandum.  Lloyds TSB Bank plc and The Royal Bank of Scotland plc acted as joint dealer managers for the Offer.  Deutsche Bank AG, London Branch acted as the tender agent for the Offer.

This announcement does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities.

 

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