Doorstep lender IPF seeks easier covenants

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By Owen Sanderson
15 Oct 2020

International Personal Finance, a UK-listed doorstep lender, asked bondholders to ease covenant limits as part of a package of measures to push out its maturities and manage the impact of the Covid-19 crisis on its funding.

IPF wants to change the interest cover calculations on its sterling and Swedish krona debt, and exchange its euro bonds for a new issue.

Its existing bonds require that the company’s Ebita should be twice that of its required interest payments. The company wants to amend this so ...

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