TIDMLIV2 TIDMLIV3 TIDMLINV
RNS Number : 3473M
LendInvest Secured Income II
13 September 2023
The information contained herein may only be released, published
or distributed in the United Kingdom, the Isle of Man, Jersey and
the Bailiwick of Guernsey in accordance with 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.
UK MiFIR retail investors, professional investors and ECPs
target market - Manufacturer target market (UK MiFIR product
governance) is eligible counterparties and professional clients
(all distribution channels) and also retail clients (all
distribution channels).
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014, AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE
OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
This announcement is a financial promotion for the purposes of
section 21(2)(b) of the Financial Services and Markets Act 2000
("FSMA") and is not intended to be investment advice.
13 September 2023
LINVEST SECURED INCOME II PLC
LAUNCH OF 11.5% BONDS DUE 2026 AND EXCHANGE OFFER
LendInvest Secured Income II plc (the "Issuer"), an indirectly
wholly-owned subsidiary of LendInvest plc ("LendInvest" or the
"Guarantor"), announces today an offer of 11.5% Notes due 2026 (the
"New Bonds") together with an exchange offer (the "Exchange Offer")
to holders of the 5.375 per cent. Notes due 2023 (the "Existing
Bonds") issued by LendInvest Secured Income plc to exchange their
Existing Bonds for the New Bonds.
About LendInvest
LendInvest is a leading technology driven platform for
mortgages, and is listed on the London Stock Exchange (AIM: LINV).
LendInvest offers short-term, buy-to-let and homeowner mortgages.
Its proprietary technology and user experience are designed to make
it simpler for both borrowers and investors to access property
finance. LendInvest has lent over GBP6bn of short term, development
and buy-to-let mortgages. Its funders and investors include global
institutions such as J.P. Morgan, HSBC, Citigroup and NAB, and, in
2019, it was the first Fintech to securitise a portfolio of
buy-to-let mortgages.
The New Bonds
The New Bonds will be issued by the Issuer, a special purpose
company established and indirectly wholly owned by LendInvest whose
activities are limited to issuing bonds and originating and
purchasing eligible loans (and related activities).
The Guarantor will provide a partial 20% guarantee (the "Partial
20% Guarantee") in respect of the Issuer's obligations under the
New Bonds. In the event that the Issuer defaults in its obligations
to pay principal or interest, the maximum aggregate amount that can
be claimed in respect of all such claims under the Partial 20%
Guarantee in respect of any arrears of interest and principal
outstanding will be a monetary amount equal to 20 per cent. of the
redemption amount of the New Bonds at the time at which any such
claim under the Partial 20% Guarantee is made by the Trustee.
The New Bonds are available to wholesale and retail investors
and will pay a fixed rate of interest at 11.5% per annum until 3
October 2026, payable twice yearly on 3 April and 3 October of each
year, with the first coupon payment being made on 3 April 2024. The
New Bonds will mature on 3 October 2026.
At any time during the life of the New Bonds, investors are
permitted to sell the New Bonds (within market hours and in normal
market conditions) on the open market through their
stockbroker.
Authorised Offerors:
-- AJ Bell
-- Hargreaves Lansdown
-- Interactive Investor
-- PrimaryBid
-- Ravenscroft
-- Redmayne Bentley
Allia C&C is acting as lead manager (the "Lead Manager") on
the issue.
The New Bonds have a minimum initial subscription amount of
GBP1,000 and are available in multiples of GBP100 thereafter.
The offer period is expected to close at 4pm on 27 September
2023. The Issuer retains the right to close the offer early, in
conjunction with the Lead Manager. Notice will be given via RNS
should this occur.
The New Bonds are expected to be listed on the UK Financial
Conduct Authority's Official List and admitted to trading on the
London Stock Exchange's main market and through the electronic
order book for retail bonds on or around 4 October 2023.
The Exchange Offer
Together with the launch of the offer for the New Bonds, the
Issuer and the Guarantor have published an Exchange Offer
Memorandum and Prospectus to invite holders of the Existing Bonds
to offer their Existing Bonds in exchange for New Bonds.
Holders of the Existing Bonds should contact their broker if
they want to offer their Existing Bonds for exchange or, if they
need any assistance, can contact Kroll Issuer Services at
lendinvest@is.kroll.com or on 020 7704 0880.
Commenting on the launch, Rod Lockhart, CEO of LendInvest,
said:
"Following our last three successful bonds, we are pleased to be
coming back to market with another bond providing investors with
opportunity to access an asset-backed investment solution.
"The UK property finance market is huge and ripe for disruption.
Backed by successful 15 year track record lending to this market,
LendInvest is well placed to lead this disruption, transforming
experiences for both borrowers and lenders through its competitive,
innovative technology offering and deep understanding of the market
and customer needs."
Adrian Bell, CEO of Allia C&C, said:
"We are delighted to be launching our fourth offer for
Lendinvest in the retail-eligible bond market. The model has stood
the test of time - providing a steady, high-quality coupon against
the background of substantial market volatility, particularly in
the property sector."
For further information about LendInvest, please go to
https://www.lendinvest.com.
-S-
For enquiries, please contact:
LendInvest via Teneo
Rod Lockhart, Chief Executive Officer
David Broadbent, Chief Financial Officer
Leigh Rimmer, Head of External Communications
Teneo
Tom Murray
Ed Cropley
Olivia Lucas
Telephone: +44 (0)20 7353 4200
Allia C&C
Mark Glowrey
Telephone: +44 (0)20 3039 3465
About Allia C&C
Allia C&C is a leading expert in socially responsible
finance, working to amplify economic and social impact. It supports
a range of organisations that span the impact spectrum, from
charities through to businesses that act responsibly - facilitating
their access to the most appropriate and optimal funding for their
needs from investors who are interested in creating impact.
For more information please see www.alliacc.com
About the New Bonds
-- The New 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 market price of the New Bonds
can rise and fall during the life of the investment and the price
of the New Bonds could fall below the issue price per Note of
GBP100.
-- In the event that the Issuer and/or Guarantor becomes
insolvent or goes out of business, investors may lose some or all
of their investment.
This announcement is an advertisement within the meaning of
Article 2(k) of Regulation (EU) 2017/1129 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
(the "EUWA") (the "UK Prospectus Regulation") and is not a
prospectus for the purposes of the UK Prospectus Regulation.
A base prospectus dated 12 September 2023 (the "Base
Prospectus") relating to the New Bonds and an exchange offer
memorandum and prospectus dated 13 September 2023 (the "Exchange
Offer Memorandum and Prospectus") have been prepared and made
available to the public in accordance with the UK Prospectus
Regulation. The Base Prospectus together with the final terms dated
13 September 2023 relating to the New Bonds (the "Final Terms") and
the Exchange Offer Memorandum and Prospectus are available on the
website of LendInvest plc (https://www.lendinvest.com/bond4).
The Base Prospectus and the Exchange Offer Memorandum and
Prospectus have been approved by the Financial Conduct Authority
(the "FCA") as competent authority under the UK Prospectus
Regulation. The FCA only approves the Base Prospectus and the
Exchange Offer Memorandum and Prospectus as meeting the standards
of completeness, comprehensibility and consistency imposed by the
UK Prospectus Regulation. Such approval should not be considered as
an endorsement of LendInvest Secured Income II plc, LendInvest plc
or the quality of the New Bonds that are the subject of the
Prospectus. Investors should make their own assessment as to the
suitability of investing in the New Bonds.
Potential investors should read the Base Prospectus and Final
Terms and, in relation to the Exchange Offer, the Exchange Offer
Memorandum and Prospectus before making an investment decision in
order to fully understand the potential risks and rewards
associated with the decision to invest in the New Bonds and/or
participate in the Exchange Offer. Investors should not subscribe
for any bonds referred to in this announcement except on the basis
of information in the Base Prospectus, the Final Terms and/or the
Exchange Offer Memorandum and Prospectus.
If any holder of the Existing Bonds is in any doubt as to the
action it should take, it is recommended to seek its own financial
and legal advice, including in respect of any tax consequences,
from its broker, bank manager, solicitor, accountant or other
independent financial, tax or legal adviser. Any individual or
company whose Existing Bonds are held on its behalf by a broker,
dealer, bank, custodian, trust company or other nominee must
contact such entity if it wishes to exchange such Existing Bonds
pursuant to the Exchange Offer. None of the Issuer, the Guarantor,
Allia C&C or Kroll Issuer Services makes any recommendation
whether holders of the Existing Bonds should tender Existing Bonds
for purchase pursuant to the Exchange Offer.
Please note that the information contained in the Base
Prospectus, the Final Terms and the Exchange Offer Memorandum and
Prospectus may be addressed to and/or targeted at persons who are
residents of particular countries (specified in the Base
Prospectus, the Final Terms and/or the Exchange Offer Memorandum
and Prospectus) only and is not intended for use, and should not be
relied upon, by any person outside these countries and/or to whom
the offer contained in the Base Prospectus, the Final Terms and/or
the Exchange Offer Memorandum and Prospectus is not addressed.
Prior to relying on the information contained in the Base
Prospectus, the Final Terms and the Exchange Offer Memorandum and
Prospectus you must ascertain from the Base Prospectus, the Final
Terms and the Exchange Offer Memorandum and Prospectus (as
applicable) whether or not you are part of the intended addressees
of the information contained therein.
This announcement is released by LendInvest Secured Income II
plc (Legal Entity Identifier: 213800ELFI7VXYLEIV74) and contains
information in respect of the Existing Bonds that qualified or may
have qualified as inside information for the purposes of Article 7
of UK MAR. For the purposes of UK MAR and Article 2 of the binding
technical standards published by the Financial Conduct Authority in
relation to UK MAR as regards Commission Implementing Regulation
(EU) 2016/1055, this announcement is made by Rod Lockhart, Director
for LendInvest Secured Income II plc.
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 the offer in certain jurisdictions
may be restricted by law and persons into whose possession 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 securities. Any offer and sale of any securities should only be
made in compliance with the requirements of the UK Prospectus
Regulation.
Any securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933 (as
amended, the "Securities Act") and, subject to certain exceptions,
may not be offered or sold within the United States or to United
States persons. Any securities referred to herein are being 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.
Neither the content of any website referred to in this
announcement nor the content of any website accessible from
hyperlinks is incorporated into, or forms part of, this
announcement.
This information is provided by RNS, the news service of the
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END
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