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GenFinance II gets approval to double denomination of bonds due 2039
By Toni Weeks
San Diego, May 16 - GenFinance II plc said its proposal to amend the minimum denomination of its 6.064% secured bonds due 2039 to £100,000 from £50,000, with integral multiples of £1,000 after that, has passed.
Holders of the outstanding £250 million of the bonds were asked to approve the proposal by extraordinary resolution at a bondholder meeting on May 16. As a result of the approval, the revised minimum denomination will be implemented as of May 18.
GenFinance will pay on May 18 to each holder from whom a valid voting instruction was received by 11 a.m. ET on May 3 £0.5 for each £1,000 principal amount of bonds.
In the related tender offer, parent company Genesis Housing Association Ltd. has accepted for purchase £200,000 principal amount of bonds at a price of £1,152 per £1,000 principal amount plus accrued interest up to but not including the May 18 settlement date. The purchase price was determined using a reference yield for the benchmark security of 3.088% plus 195 basis points, giving a repurchase yield of 5.038%.
Lloyds Bank (44 0 20 7158-3981 or liability.management@lloydsbanking.com) is the solicitation agent. The Bank of New York Mellon (+44 0 20 7964-4958 or debtrestructuring@bnymellon.com) is the tabulation agent.
The London-based company is a registered provider of social housing, managing about 41,000 homes in London and Southeast England.
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