Non-Standard Finance's board welcomes deal with company's secured lenders
Non-Standard Finance has agreed with its secured lenders the provisional terms of a release of debt through a conversion into equity.
The company’s board said it welcomes the indicative proposal from its lenders which would “substantially improve” the company's balance sheet following a successful capital raise. The statement added: “In connection with the proposed recapitalisation, the lenders have provisionally agreed, subject to finalising detailed terms and formalising requisite documentation, to release £71m of secured debt in exchange for new ordinary shares in NSF. As a result, it is anticipated the lenders would hold approximately 20 per cent of NSF's enlarged issued share capital if the proposed capital raise is successful.”