Slaughter and May advised International Personal Finance PLC, an international provider of consumer finance, on an exchange offer and issue of new retail notes

Slaughter and May advised International Personal Finance plc (IPF), the holding company for a global consumer finance business, providing a range of simple and affordable unsecured credit products and insurance products to consumers with average to below-average incomes, on an exchange offer made to the holders of IPF’s existing £78,100,000 7.75 per cent. notes due December 2023 (the 'Existing Notes').

Holders of the Existing Notes were invited to exchange their Existing Notes for new 12 per cent. notes due December 2027 (the 'Exchange New Notes').

Concurrently, Slaughter and May advised IPF on an offer of new 12 per cent. notes due 2027 (the 'Cash Offer New Notes') (together with the Exchange New Notes, the 'New Notes') for cash consideration.

The offer period opened on 15 November 2022 and closed on 6 December 2022. On 7 December 2022, IPF announced it would issue £50,000,000 in aggregate nominal amount of New Notes, comprised of (i) £37,605,200 in aggregate nominal amount of Exchange Offer New Notes, and (ii) £12,394,800 in aggregate nominal amount of Cash Offer New Notes (of which £9,775,000 are being retained in treasury by IPF). Following the exchange offer exercise, £40,494,800 in aggregate nominal amount of Existing Notes remain outstanding. The New Notes were issued on 13 December 2022.