UK's Non-Standard Finance agrees tentative deal with lenders

Non-Standard Finance

14/04/2023 07:26

LONDON, April 14 (Reuters) - British bank Non-Standard
Finance  NSF.L  said on Friday it has agreed provisional terms
with its lenders to convert 71 million pounds  ($89 million) of
secured debt into equity as part of a  recapitalisation that
would likely wipe out existing shareholders.
    "It is anticipated the lenders would hold approximately 20%
of NSF's enlarged issued share capital if the proposed capital
raise is successful. As at 31 December 2022, the Company had
total gross debt of 255 million pounds," Non-Standard Finance
said in a statement.
   ($1 = 0.7977 pounds)

 (Reporting by Huw Jones; editing by Jason Neely)
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Messaging: huw.jones.thomsonreuters.com@reuters.net))