THE PARAGON GROUP OF COMPANIES PLC
20 August 2015
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. 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 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.
20 August 2015
THE PARAGON GROUP OF COMPANIES PLC ("Paragon")
ISSUE OF STERLING DENOMINATED 6.000 PER CENT. BONDS DUE 2024
(the "Bonds")
Early closure of Offer Period
Terms used herein shall have the meaning given to them in the base prospectus dated 23 October 2014 (the "Base Prospectus") as supplemented by the supplemental prospectuses dated 5 February 2015 and 26 May 2015 (together with the Base Prospectus, the "Prospectus") and the final terms dated 10 August 2015 (the "Final Terms") relating to the Bonds.
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 10 August 2015 and which was originally scheduled to close at 12 noon (London time) on 24 August 2015 will close early at 12 noon (London time) on 21 August 2015.
Subscriptions for Notes may or may not be accepted and if accepted, may be scaled back.
For further information please see Paragon's website:
www.paragon-group.co.uk/Investors/Retail-Bond
For further information please contact:
Paragon
Richard Woodman, Finance Director +44 (0) 121 712 2000
Victoria Lisowski, PR Manager +44 (0) 121 712 2563
Fishburn
Del Jones +44 (0) 20 7092 2313/+44 (0) 20 7092 2222
Barclays Bank PLC
Toby Croasdell +44 (0) 20 7773 8727
Tom Burgess +44 (0) 20 3134 9089
Victor Blanchard +44 (0) 20 7773 6531
Canaccord Genuity
Adrian Bell +44 (0) 20 7523 8000
Notes to editors:
About The Paragon Group of Companies PLC
Paragon is a leading buy-to-let mortgage lender, consumer finance provider and specialist purchaser and servicer of loan assets. It established a banking subsidiary, Paragon Bank, in February 2014.
As at 31 March 2015, it had approximately £10.5 billion in loan assets under management
Paragon has three principal operating segments:
Paragon Mortgages is one of the longest established lending brands in the buy-to-let mortgage market. Alongside its sister brand, Mortgage Trust, Paragon Mortgages maintains a significant presence for Paragon in this growing sector of the UK mortgage market. Total loan assets of the segment at 31 March 2015 were £8,993.5 million of which £8,749.2 million were buy-to-let mortgage assets.
Idem Capital has established itself as one of the top consumer debt buyers in the UK, actively maintaining its strong relationship with the major UK based consumer debt sellers. In addition to assets acquired in its own right, Idem Capital services loans for third parties and for co-investment partners. The outstanding value of Idem Capital's investments at 31 March 2015 totaled £406.9 million.
Paragon Bank was established in 2014 and provides Paragon with diversification of both income streams and funding sources, operating in the car finance, secured personal loan and buy-to-let mortgage markets funded by retail savings products.
Rated BBB- (stable) by Fitch Ratings Ltd
Paragon has previously issued bonds on two separate occasions on the London Stock Exchange's electronic Order book for Retail Bonds totalling £185 million
Offer highlights
The Bonds may not be suitable for all investors. Investors should ensure they fully understand the risks and seek independent financial advice.
Investors should note that the price of the Bonds can rise and fall during the life of the investment and the price of the Bonds could fall below the issue price of £100.
In the event that Paragon defaults or becomes insolvent, 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 (the "Directive"), and/or Part VI of the Financial Services and Markets Act 2000 (the "FSMA"). A base prospectus dated 23 October 2014 (the "Base Prospectus") as supplemented by the supplemental prospectuses dated 5 February 2015 and 26 May 2015 (together with the Base Prospectus, the "Prospectus") and the final terms dated 10 August 2015 relating to the Bonds (the "Final Terms") have 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 and the Final Terms. 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.
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 US Securities Act of 1933, as amended, (the "Securities Act") and, subject to certain exceptions, 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, and are subject to certain U.S. tax law requirements. There will be no public offering in the United States.
