International Personal Finance launches bonds

16th Apr 2013 12:53

International Personal Finance shares declined on Tuesday after the group launched an offer of 6.125 per cent sterling bonds due in 2020. The group, which provides small sum, short-term unsecured loans across a number of countries, said the bonds have been issued for general corporate purposes. The bonds have a fixed interest rate of 6.12% per annum, payable semi-annually in arrears in equal instalments. Gerard Ryan, Chief Executive Officer of IPF said: "This retail bond is part of IPF's strategy of diversifying sources of funding and extending the term of debt facilities, at lower cost to provide further funding for the future development of the business as we continue to progress our strategy for growth."The offer period for the bonds, which have a minimum initial subscription amount of £2,000 and are available in multiples of £100 thereafter, is expected to close at midday on April 30th. Shares in the company declined 2.62% to 426.60p by 13:22 Tuesday. NR