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Greene King seeks consents for Libor transition for sterling notes
Chicago, Sept. 30 – Greene King Finance plc started a consent solicitation for three series of notes to move the interest basis for the notes to Sonia from Libor, according to an announcement.
The company is seeking consents for the following notes:
• £193,583,700 outstanding of an original £290 million class A5 secured floating-rate notes due 2033 (ISIN: XS0372045798);
• £120,853,000 outstanding of an original £130 million class B1 secured floating-rate notes due 2034 (ISIN: XS0213358608); and
• £99,927,000 outstanding of an original £115 million class B2 secured floating-rate notes due 2036 (XS0252915730).
An adjustment of 11.93 basis points will be made to reflect the economic difference between Sonia and Libor rates.
New fallbacks for the Sonia rate are also part of the proposed amendments.
Meetings will start at 6 a.m. ET on Oct. 21, via teleconference.
Noteholders should submit consent instructions to the tabulation agent by the expiration deadline at 5 a.m. ET on Oct. 19.
The announcement noted as part of the background that it is now commonly expected that consent fees should be waived by investors to encourage industry-wide transition.
Implementation is planned for two business days after the last relevant meeting.
HSBC Bank plc is the solicitation agent (+44 20 7992 6237, LM_EMEA@hsbc.com).
Bondholders can also contact the company (bondholders@greeneking.co.uk).
Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, greeneking@lucid-is.com).
Greene King Finance is a special purpose entity that issues debt securities, pubco securitizations, backed by Greene King’s 2,700 pubs.
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