| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for London & Quadrant Housing Trust > News item |
London & Quadrant seeks consents to replace issuer for secured bonds
By Marisa Wong
Los Angeles, Aug. 9 – London & Quadrant Housing Trust announced a consent solicitation for the outstanding £130 million guarantee secured stepped coupon bonds due 2018 to 2033 (ISIN: XS0084364016) issued by subsidiary Quadrant Housing Finance Ltd., according to a notice.
London & Quadrant is inviting bondholders to consent to (i) the substitution of London & Quadrant in place of Quadrant Housing as issuer of the bonds; (ii) the full and final release and discharge of Ambac Assurance UK Ltd. from its guarantee in respect of the bonds; (iii) changes to the terms and conditions of, and other documents relating to, the bonds to align the bonds with the terms of London & Quadrant’s most recent bond issue; and (iv) the amendment of the security underlying the bonds to acknowledge that such security has been granted by London & Quadrant in respect of the bonds and the partial release of that security from time to time in compliance with the asset cover test and minimum performance levels test.
Holders will vote on an extraordinary resolution to approve the amendments at a meeting scheduled for 5 a.m. ET on Sept. 1.
Voting instructions are due by noon ET on Aug. 29.
The company is not offering any consent or participation fee.
The amortized outstanding principal amount of the bonds is currently £102,053,120 and is expected to be £98,613,580 at the time of the meeting.
Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and RBC Europe Ltd. (+44 20 7029 0165; liability.management@rbccm.com) are the solicitation agents.
The tabulation agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; lqgroup@is.kroll.com; https://deals.is.kroll.com/lqgroup).
The residential developer is based in London.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.