Provident Funding Associates, L.P. and PFG Finance Corp. Announce Termination of the Exchange Offer and Consent Solicitation in respect of their Senior Notes

SANTA ROSA, Calif., July 31, 2024 /PRNewswire/ -- Provident Funding Associates, L.P. (the "Company") and PFG Finance Corp., a direct wholly-owned subsidiary of the Company (the "Co-Issuer", and together with the Company, the "Issuers"), today announced that the Issuers have elected in their sole discretion to terminate, effective immediately, their previously announced offer to exchange (the "Exchange Offer") any and all of their outstanding 6.375% Senior Notes due 2025 (the "Existing Notes") for cash and for the Issuers' new 8.375% Senior Notes due 2027 (the "New Notes") and solicitation of consents to certain proposed amendments to the indenture governing the Existing Notes (the "Consent Solicitation"), in each case, as described in the Confidential Offering Memorandum and Consent Solicitation Statement, dated July 18, 2024 (the "Offering Memorandum").

As a result of the termination of the Exchange Offer and Consent Solicitation, the Total Exchange Consideration and Exchange Consideration (each as defined in the Offering Memorandum), as applicable, will not be paid or become payable to holders of the Existing Notes who have validly tendered their Existing Notes for exchange in connection with the Exchange Offer and Consent Solicitation, and the Existing Notes tendered for exchange pursuant to the Exchange Offer and Consent Solicitation will be promptly returned to the tendering holders. No Existing Notes will be accepted for exchange and no New Notes will be issued. In addition, as a result of the termination of the Consent Solicitation, the proposed amendments to the indenture governing the Existing Notes will not be adopted, and the Existing Notes will remain outstanding and subject to the terms of the existing indenture governing the Existing Notes.

Holders of Existing Notes should direct all questions and requests for assistance by sending an e-mail to [email protected] or by calling D.F. King & Co., Inc., the information agent (the "Information Agent") and exchange agent (the "Exchange Agent") for the Exchange Offer, at (toll-free) (800) 769-7666 or (banks and brokers) (212) 269-5550.

This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act. Many of the forward-looking statements contained in this release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. The forward-looking statements are based upon management's views and assumptions as of the date of this release regarding future events and operating performance and are applicable only as of the dates of such statements. By their nature, all forward-looking statements involve risk and uncertainties including as it relates to our ability to predict our future operating and financial performance. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons, including, but not limited to, those addressed in "Risk Factors" and "Statements Regarding Forward-Looking Information" sections of the Offering Memorandum. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them publicly or to revise them in light of new information or future events.

The Company is a California limited partnership and a leading private, independent mortgage company that originates and services residential mortgage loans. The Co-Issuer was formed on March 15, 2010, as a California corporation, to act as co-issuer of the Company's debt securities.

Christopher Austin
Controller, SVP
(650) 259-7413

SOURCE Provident Funding Associates, L.P.

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