Global SC solicits consents for 2014-1 asset-backed notes

Chicago, Jan. 31 – Global SC Finance II SRL is soliciting consents for its $200 million outstanding fixed-rate asset-backed notes, series 2014-1, class A-2 (Cusips: 37952UAE3, P48877AE7), according to a statement.

The outstanding principal balance of each $1,000 note is currently approximately $250.

The proposed amendments would remove certain change-of-control defaults related to the indirect ownership or control by HNA Group Co. Ltd. of Global Sea Containers Ltd., which owns Seaco SRL which owns the issuer.

Various conforming and other changes to the transaction documents would also be made, including permitting the succession of Seaco’s present class B quotaholder and independent managers, termination of the existing performance guaranty granted by GSCL to the trustee, confirmation of the reduction in the EBIT ratio trigger for an early amortization event and deletion of the early amortization event that would result from a reduction of the asset base below $25 million.

Holders representing at least half of the total unpaid principal balance of the notes must consent.

Six other consent solicitations are being made by six other subsidiaries of GSCL to their respective noteholders at the same time.

The solicitation will expire at 5 p.m. ET on Feb. 11.

Consents may be revoked before the expiration time unless the requisite consents are received before then, in which case the point at which the requisite consents were received would become the revocation deadline.

The record date is 5 p.m. ET on Jan. 31.

Deutsche Bank Securities is the solicitation agent.

D.F. King & Co., Inc is the information and tender agent (866 745-0269, 212 269-5550, seaco@dfking.com).

Consents should be delivered through ATOP procedures. Depository Trust Co. holds the notes.

Global SC is an affiliate of Seaco SRL, which manages its container fleet. The issuer and Seaco are indirect subsidiaries of HNA Group Co Ltd., a Haikou City, China-based business conglomerate that engages in transportation, logistics, tourism, hotel, property, airport management, financial services and retail.

HNA, through an approved reorganization plan, is being divided into six segments: airlines, airports, ship building, financial services, hotels and other investment management.

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