Slaughter and May advised International Personal Finance plc on its issuance of SEK 450,000,000 floating rate notes
Slaughter and May advised International Personal Finance plc (“IPF”), a consumer credit provider with 1.7 million customers across 11 international markets, on its issuance of SEK 450,000,000 7.00 per cent. Senior Unsecured Floating Rate Notes due 2024 (the “Notes”). Concurrently with the issuance of the Notes, IPF conducted a successful liability management exercise: (i) inviting holders of IPF's outstanding SEK denominated Senior Unsecured Floating Rate Notes due 2022 (the "Existing Notes") to exchange their holdings of the Existing Notes in exchange for the New Notes and a cash payment; and (ii) exercising its call option in respect of those Existing Notes which were not exchanged for the Notes.
The Notes were issued under IPF’s debt issuance programme approved by the UK’s Financial Conduct Authority and the Central Bank of Ireland (the “Programme”). The Programme is one of the first dual-listed corporate debt issuance programmes for which the base prospectus is approved by both the Financial Conduct Authority and an EU regulator under the UK and EU regulatory regimes respectively in the post-Brexit period.
The Notes were admitted to trading on the regulated market of Euronext Dublin and Nasdaq Stockholm.
ABG Sundal Collier AB acted as the dealer in respect of the transaction.