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Housing Association Funding seeks to amend 8.25% loan-backed notes
By Marisa Wong
Morgantown, W.Va., Dec. 22 – Housing Association Funding plc is soliciting consents from holders of its £192.27 million 8.25% secured loan-backed notes due June 2027 to some proposed amendments, according to a notice.
The notes were originally issued to fund loans to 11 registered providers of social housing. The proposed amendments to the loan agreements relating to the notes would modify events of default and add early redemption options.
Noteholders will be asked to vote in favor of the proposals at a meeting scheduled for Jan. 16.
To pass, the extraordinary resolution requires a three-quarter majority of the votes cast.
The meeting requires a quorum of at least two voters representing or holding at least three-quarters of the aggregate principal amount of the outstanding notes.
Centrus Advisors LLP is the solicitation agent, and Bank of New York Mellon is the tabulation agent.
The issuer is based in London.
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