INTERVIEW: International Personal Finance Eyes Bond Issue

22nd Jul 2010 07:56

By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. lender International Personal Finance PLC (IPF.LN) hopes to raise between EUR200 million and EUR300 million on the public bond market in the second half, Finance Director David Broadbent said Thursday, after wider market conditions halted the company's plans in the first half. IPF, which provides small-sum doorstep loans in Eastern Europe and Mexico, previously obtained a long-term credit rating of BB+ from Fitch and established a Euro Medium Term Note program in order to access the public debt markets, but Broadbent said market conditions, particularly due to the Greek sovereign debt crisis, prevented this. He added that the company is also in talks with its banks regarding longer-term banking facilities, and said the process with the banks will likely be concluded by the end of October. "It's early days but what's important for the banks is the performance of the business and we've come through the recession very well," Broadbent added. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 22, 2010 02:56 ET (06:56 GMT)