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Trafford Centre has sufficient consents to switch floaters to Sonia
Chicago, Dec. 23 – Trafford Centre Finance Ltd. obtained sufficient consents from holders of three series of floating-rate secured notes to switch the basis for the interest rate to Sonia from Libor, according to a notice.
The notes that were part of the consent solicitation were the £188.5 million of class A3 notes due 2038 (ISIN: XS0222488396); £20 million of class B2 notes due 2038 (ISIN: XS0222489014); and £69.55 million of class D1(N) notes due 2035 (ISIN: XS0222489873).
The issuer was proposing to replace Libor with compounded daily Sonia as the underlying rate. The adjusted margin was proposed to be 72.5 basis points for the class A3 notes; 82.5 bps for the class B2 notes; and 200 bps for the case D1(N) notes.
Noteholders were being asked to pass the proposals by delivering consent instructions by 11 a.m. ET on Dec. 20.
A series of video teleconferences was held for the votes to be cast on the extraordinary resolutions, beginning at 5 a.m. ET on Dec. 23.
At the meeting, 96.25% of the votes cast were cast in favor of the extraordinary resolution for the A3 notes and all of the votes cast were in favor for the class B2 and class D1(N) notes.
City & Continental Ltd. (+44 20 3039 3456 or phil.caroe@alliacc.com) was the solicitation agent.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or tcfl@lucid-is.com) was the tabulation agent.
The owner and developer of real estate properties has headquarters in the Cayman Islands.
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