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Dragon Finance seeks consents to use Sonia for floaters due 2023
By Wendy Van Sickle
Columbus, Ohio, April 29 – Dragon Finance BV is seeking consents from noteholders to substitute compounded daily Sonia for Libor as the reference rate for three series of its floating-rate notes and will hold a series of meetings via teleconference on May 25 for holders to vote on a resolution containing that change, according to three notices with the London Stock Exchange.
The notes include the £102.45 million of class A secured floating-rate notes due 2023 (ISIN: XS0116563668), the £30 million of class B secured floating-rate notes due 2023 (ISIN: XS0116564393) and the £100 million of class C secured floating-rate notes due 2023 (ISIN: XS0116564559).
Due to the differences between compounded daily Sonia and Libor, the replacement of Libor will also require adjusting the margins payable in respect of the notes. The issuer is proposing an increase in the applicable margin of 46.44 basis points for each note on top of the current margins of 90 bps, 95 bps and 100 bps for the class A, B and C notes, respectively.
The meetings will be held at 11 a.m. ET, 11:20 a.m. ET and 11:40 a.m. ET for the class A, B and C notes, respectively.
Noteholders who have submitted and not revoked consent instruction by the expiration deadline, May 23 at 11 a.m. ET, 11:20 a.m. ET and 11:40 a.m. ET for the class A, B and C notes, respectively, need take no further action to be represented at the relevant meeting.
The quorum required for each meeting is two or more persons representing more than 75% of the principal amount of notes. If a quorum is not present at any meeting within 15 minutes, that meeting will be adjourned.
To pass, each extraordinary resolution requires a majority of at least 75% of those voting.
i2Capital Markets (+44 203 633 1212 or info@i2capmark.com) is the tabulation agent.
The issuer is based in Amsterdam.
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