Slaughter and May advised International Personal Finance plc (“IPF”), the ultimate parent company of an international group providing retail financial services, to the financially underserved, on the update of its EUR 1,000,000 Euro Medium Term Note Programme and, subsequently, a tender offer made to holders of IPF’s existing EUR 341,228,000 9.75 per cent. notes due November 2025 (the “Existing Notes”) and a new issue of EUR 341,000,000 10.75 per cent. fixed rate notes due 2029 (the “New Notes”) to qualified investors.
Holders of the Existing Notes were invited to tender their Existing Notes at the purchase price of EUR 1,015.00 per EUR 1,000 aggregate principal amount of the Existing Notes.
IPF launched the tender offer from 3 June 2024 and the expiration deadline of the tender offer was 11 June 2024. On 12 June 2024, IPF announced it had accepted EUR 274,576,000 in aggregate principal amount of the Existing Notes, as part of the tender offer process.
Following the completion of the tender offer and the issue of the New Notes on 14 June 2024, EUR 66,652,000 in aggregate principal amount of the Existing Notes remains outstanding.