Provident Funding Associates, L.P. and PFG Finance Corp. Announce Early Results of Their Tender Offer and Related Consent Solicitation

SAN BRUNO, Calif., June 8, 2017 /PRNewswire/ -- Provident Funding Associates, L.P. (the "Company") and PFG Finance Corp. (the "Co-Issuer" and, together with the Company, the "Issuers") announced today the early settlement of their tender offer to purchase for cash (the "Tender Offer") any and all of the $452,391,000 aggregate principal amount outstanding of their 6.75% Senior Notes due 2021 (the "Notes") and solicitation of consents (the "Consent Solicitation") for proposed amendments to the related indenture. The Tender Offer and the Consent Solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated as of May 24, 2017 (the "Offer to Purchase and Consent Solicitation Statement"), and related consent and letter of transmittal. The Tender Offer will expire at 12:00 midnight, New York City time, on June 21, 2017.

As of the consent payment deadline of 5:00 p.m., New York City time, on June 7, 2017, approximately $337,160,000 aggregate principal amount of the outstanding Notes had been validly tendered and not validly withdrawn.

Holders that validly tendered prior to the consent payment deadline and whose Notes were accepted will receive total consideration of $1,037.50 per $1,000 principal amount of purchased Notes, which includes a consent payment of $30.00 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the initial settlement date of June 8, 2017.

Holders that validly tender after the consent payment deadline, but prior to the expiration of the tender offer, and whose Notes are accepted will receive the tender offer consideration of $1,007.50 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the final settlement date, which is expected to be June 22, 2017. Holders of the Notes that tender after the consent payment deadline will not receive a consent payment. As the withdrawal time of 5:00 p.m., New York City time, on June 7, 2017 has passed, any tendered Notes may not be withdrawn except as required by law.

This news release is neither an offer to purchase nor a solicitation of an offer to sell any notes. The tender offer is being made only pursuant to the Offer to Purchase and Consent Solicitation Statement and the related consent and letter of transmittal, copies of which have been delivered to all holders of the Notes. Persons with questions regarding the tender offer should contact the dealer manager, Merrill Lynch Pierce, Fenner & Smith Incorporated, at (888) 292-0070 (toll free) or (980) 387-5602 (collect), or the information agent, D.F. King & Co., Inc., at (212) 269-5550 (banks and brokers) or (800) 628-8532 (toll-free).

The Company is a leading private, independent mortgage company that originates and services residential mortgage loans. For the year ended December 31, 2016, the Company was the fourth largest wholesale mortgage originator and the twenty-third largest direct mortgage originator in the United States, with $11.3 billion in mortgage loan origination volume funded directly to borrowers. For the year ended December 31, 2016, the Company's originations totaled $12.0 billion, including loans originated through its correspondent channel.

The Co-Issuer is a wholly-owned special purpose finance subsidiary of the Company that conducts no business activities other than serving as an issuer of the Notes and other comparable financing activities.

Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Contact:

Provident Funding Associates, L.P.
851 Traeger Avenue
San Bruno, California 94066
(650) 652 1300

Investors:
Tim Maimone, (650) 652-1300
[email protected]

SOURCE Provident Funding Associates, L.P.