Provident Financial announces intention to issue sterling retail bonds
17th March 2015
The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, South Africa, the Republic of Ireland or in any other jurisdiction where it is unlawful to distribute this document. The information contained herein may only be released, published or distributed in the United Kingdom, Jersey, the Bailiwick of Guernsey and the Isle of Man in accordance with the applicable regulatory requirements.
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"). This announcement is not an offer for the sale of any Bonds. Investors should not subscribe for any Bonds (as defined below) referred to in this announcement except on the basis of information in the prospectus dated 16 March 2015 (the "Prospectus") and the final terms (the "Final Terms") in its final form which is expected to be published by Provident Financial plc (the "Issuer" or "Provident Financial"). Before any Offer (as defined below) commences, copies of the Prospectus and the Final Terms will be made available to the public as required by Part VI of the FSMA.
This announcement is a financial promotion prepared by Provident Financial and approved by Barclays Bank PLC and Numis Securities Ltd (the "Joint Lead Managers") solely for the purposes of section 21(2)(b) of the FSMA. Barclays Bank PLC (incorporated in England No. 1026167) whose registered office is 1 Churchill Place, London, E14 5HP, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and Numis Securities Ltd (incorporated in England No. 02285918) whose registered office is The London Stock Exchange Building, 10 Paternoster Square, London, EC4M 7LT, is authorised and regulated by the Financial Conduct Authority.
No reliance may be placed on the Joint Lead Managers for advice or recommendations of any sort. The Joint Lead Managers make no representation or warranty to you with regard to the information contained in this announcement. The content of this announcement is believed to be reliable but, in so far as it may do so under applicable law, the Joint Lead Managers do not warrant or make any representation as to its completeness, reliability or accuracy.
The Joint Lead Managers are acting for Provident Financial and are acting for no-one else in connection with any offer of Bonds and will not be responsible to anyone other than Provident Financial for providing the protections afforded to clients of the Joint Lead Managers nor for providing advice in connection with any offer of Bonds or any other matter referred to herein.
IMPORTANT INFORMATION
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 who come into possession of this announcement or any document or other information referred to herein 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 jurisdiction.
This announcement does not constitute or form part of any Offer (as defined below) or invitation to sell, or any solicitation of any offer to purchase, any Bonds. Any purchase of Bonds pursuant to any Offer should only be made on the basis of the information contained in the Prospectus, which contains important risk factors, and the Final Terms relating to any Bonds to be issued.
The Bonds 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 expected to be 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.
PROVIDENT FINANCIAL INTENTION TO ISSUE STERLING RETAIL BONDS
Provident Financial today announces that it intends to proceed with an offer (the "Offer") of Sterling retail bonds (the "Bonds") with an expected maturity of between 8 and 10 years and an expected coupon of between 5.00% and 5.25%.
OFFER HIGHLIGHTS
· The Bonds are expected to have a maturity of between 8 and 10 years and an expected coupon of between 5.00% and 5.25% per annum;
· The Bonds are expected to be listed on the Official List of the UK Listing Authority and admitted to trading on the regulated market of the London Stock Exchange;
· The Bonds are also expected to be eligible for the London Stock Exchange's electronic Order book for Retail Bonds (ORB);
· The Offer is expected to occur in the coming weeks;
· The minimum application size is expected to be £2,000; and
· The Offer is expected to comprise of an offer to retail investors in the UK, the Channel Islands and the Isle of Man and an offer to institutional investors (in the UK and elsewhere outside the United States under Regulation S).
There are risks related to the investment in bonds. Independent professional advice should be sought in relation to the expected Offer of the Bonds. Please also see "Important Information" above.
For further information, please contact:
Provident Financial +44 (0) 1274 351351
Ken Mullen, General Counsel and Company Secretary
Phil Shepherd, Group Treasurer
Barclays +44 (0) 2077 738727
Toby Croasdell
Tom Burgess
Numis +44 (0) 2072 601000
Michael Dyson
Rupert Krefting
Janaka Ariyasena
