UK's Provident Financial bond offer raises $192 mln
LONDON, April 4
LONDON, April 4 (Reuters) - British sub-prime lender Provident Financial has raised 120 million pounds ($191.7 million) through a retail bond offering on the London Stock Exchange, helping diversify the company's funding base.
The company's latest retail bond is a 5-1/2 years fixed-rate product, paying a semi-annual coupon of 7 percent per year.
Investec Bank and Barclays were joint lead managers for the issue, which was over subscribed.
"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," Provident Financial finance director Andrew Fisher said in a statement.
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