The Paragon Group Of Companies PLC
23 January 2014
The information contained herein may only be released, published or distributed in the United Kingdom, Jersey, Guernsey and the Isle of Man in accordance with applicable regulatory requirements. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, the Republic of Ireland, South Africa or in any other jurisdiction where it is unlawful to distribute this document. The bonds may only be sold in Jersey in compliance with the provisions of the Control of Borrowing (Jersey) Order 1958.
Any offer for subscription, sale or exchange of the bonds within the Isle of Man must be made (i) by an Isle of Man financial services licence holder licensed under section 7 of the Financial Services Act 2008 to do so or (ii) in accordance with any relevant exclusion contained within the Regulated Activities Order 2011 or exemption contained in the Financial Services (Exemptions) Regulations 2011.
23 January 2014
THE PARAGON GROUP OF COMPANIES PLC
ISSUE OF 6.125% UNSECURED STERLING RETAIL BONDS MATURING JANUARY 2022
(the "Notes")
Early closure of Offer Period
Terms used herein shall have the meaning given to them in the Base Prospectus dated 11 February 2013 and the Supplemental Prospectus dated 8 January 2014 (together, the "Prospectus") and the Final Terms (the "Final Terms") dated 14 January 2014 relating to the Notes.
In accordance with the terms and conditions of the Offer set out in the Final Terms, the Issuer hereby announces that the Offer Period relating to the Notes, which commenced on 14 January 2014 and which was originally scheduled to close at 5pm (London time) on 27 January 2014 will close early at 10am (London time) on Thursday 23 January 2014.
Subscriptions for Notes may or may not be accepted and if accepted, may be scaled back.
The aggregate nominal amount of the Notes to be issued will be £125 million.
Nigel Terrington, Chief Executive of Paragon, commented:
"We are delighted with the success of our second retail bond. We have received a very positive response from investors demonstrating the attractiveness of Paragon and the growth opportunities for our business. This bond complements our already strong balance sheet, allows us to diversify our funding base and extend the tenor of our debt maturities."
-Ends-
For further information, please see Paragon's website:
www.paragon-group.co.uk/group/Retail-Bond
For enquiries please contact:
Paragon Nicholas Keen, Finance Director |
0121 712 2060 |
Fishburn Hedges Paul Farrow Anna Moulds |
020 7092 2302 020 7092 2238 |
Canaccord Genuity Adrian Bell Mark Glowrey |
020 7523 8019 |
Notes to Editors
About The Paragon Group of Companies PLC
Paragon is a leading buy-to-let mortgage lender and specialist purchaser and servicer of loan assets, with £10 billion in loan assets under management. Since being established in 1985, it is the only specialist lender to maintain an independent position within the UK mortgage market.
The Group operates in two principal areas:
Lending: Buy-to-let specialist lending is provided to landlord customers through Paragon Mortgages and Mortgage Trust brands and the provision of consumer loans. In 1995, Paragon was the first lender to work with the private rented sector to develop the buy-to-let market and, in 2000, it became the only major UK mortgage lender to focus exclusively on buy-to-let products.
Portfolio acquisitions: the investment division of the Group, Idem Capital, undertakes acquisitions of loan portfolios, including first and second mortgages as well as unsecured assets. In addition, the Group services mortgage and loan portfolios for itself and for clients such as banks, private equity houses and specialist lenders.
Paragon is a pioneer in the use of securitisation in the UK mortgage market, launching the UK's first residential mortgage-backed securitisation in 1987. To date, the Group has issued 56 public securitisations, raising over £20 billion.
About the Notes
1. The Notes may not be suitable for all investors. Investors should ensure they fully understand the risks and seek independent financial advice.
2. Investors should note that the market price of the Notes can rise and fall during the life of the investment and the price of the Notes could fall below the issue price of £100.
3. In the event that Paragon defaults, becomes insolvent or goes out of business, investors may lose some or all of their investment.
Disclaimer
This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended, and/or Part VI of the Financial Services and Markets Act 2000 (the "FSMA"). A base prospectus dated 11 February 2013, as supplemented on 8 January 2014, (together, the "Prospectus") has been prepared and made available to the public as required by Part VI of the FSMA. Investors should not subscribe for any bonds referred to in this announcement except on the basis of information in the Prospectus. Full information on The Paragon Group of Companies PLC and the offer of the bonds is only available on the basis of the combination of the Prospectus, the Final Terms and this announcement which have been published by Paragon on the Regulatory News Service operated by the London Stock Exchange. Investors may obtain copies of the Prospectus, the Final Terms and this announcement on the website of the Regulatory News Service operated by the London Stock Exchange.
The restriction on financial promotions contained in section 21(1) of the Financial Services and Markets Act 2000 does not apply to this announcement by virtue of article 70(1A) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended.
The offering and the distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase. Any purchase of bonds pursuant to any offer should only be made on the basis of the information contained in the Prospectus, available as described above.
The bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Subject to certain exceptions, the bonds may not be offered, sold or delivered within the United States or to, or for the account or benefit of U.S. persons. The bonds are being offered and sold outside of the United States in reliance on Regulation S of the Securities Act. There will be no public offering in the United States.
