Provident Financial plc, the UK's leading supplier of personal credit products to the non-standard lending market, has today listed its third bond on the London Stock Exchange's Order Book for Retail Bonds. The five and a half year, fixed-rate bond is tradable in denominations of £100 and will pay a semi-annual coupon of seven per cent per annum.
Investec Bank and Barclays Bank were joint lead managers for the issue, which was over subscribed. The retail bond is the largest to date for Provident Financial and brings the total raised by the Company on ORB to £195.2 million.
Pietro Poletto, Head of Fixed Income Markets at London Stock Exchange Group, said:
"We are delighted that Provident Financial has chosen to list its third retail bond on ORB. The placing builds on the success of their two previous issues and is their largest to date, raising £120 million. ORB is now in its third full year of trading and continues to attract a number of high calibre issues from a range of companies across varying business sectors".
Andrew Fisher, Finance Director of Provident Financial plc said:
"We are very pleased to announce the success of our third issue of bonds to be listed on the London Stock Exchange's ORB platform. The continued development of the retail bond market has provided an important strand for our programme to diversify our funding and we are delighted by the response to this latest issue. The bond exceeded expectations drawing support from a wide range of brokers and their retail customers".