Vega ContainerVessel secures needed votes to amend 5.562% class A notes

By Susanna Moon

Chicago, July 16 – Vega ContainerVessel 2006-1 plc secured the needed votes for its $95,438,411.29 of outstanding $253.75 million 5.562% class A corporate asset-backed secured notes due 2021.

Noteholders voted to approve the proposals at a meeting held Wednesday in London, according to a press release.

The consent solicitation ended at noon ET on July 11. Holders needed to be of record as of June 24.

Vega said on June 24 that it began a consent solicitation for the asset-backed notes at the request of CMA CGM SA.

The company sought to approve the termination of the financial guarantee and the release and discharge of Syncora Guarantee (U.K.) Ltd. (formerly XL Capital Assurance (U.K.) Ltd.) as financial guarantor.

The company also sought approval to remove the €600 million cap on the value of securitization programs.

The consent fee is 0.4%.

The principal amount outstanding of the class A notes has amortized, and accordingly the notes are subject to a pool factor of 0.376111965. The payment of the consent fee will be adjusted to take into account the pool factor, the company previously noted.

The solicitation agent was BNP Paribas, London Branch (+44 207 595-8668, 888 210-4358, call collect 212 841-3059 or email liability.management@bnpparibas.com). The tabulation agent was Global Bondholder Services Corp. (email contact@gbsc-usa.com, 212 430-3774, 866 470-4300 or 212 430-3775/3779, corporate actions).

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