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Breeze Finance gets votes from class A bondholders at Dec. 1 meeting
By Marisa Wong
Madison, Wis., Dec. 4 – Holders of Breeze Finance SA’s €287 million outstanding 4.524% class A guaranteed secured bonds due 2027 voted in favor of the extraordinary resolution proposed at the bondholders’ meeting held on Dec. 1, according to a notice.
As a result, a commutation agreement was executed with effect from Dec. 3.
The bondholders’ meeting in London was originally scheduled for Nov. 14 but was adjourned due to a lack of quorum.
The quorum required for the original meeting was two or more people holding or representing 75% or more of the class A bonds. For the adjourned meeting, the quorum was two or more people holding or representing 25% or more of the class A bonds.
As previously announced, Breeze’s financial guarantor, MBIA UK Insurance Ltd., began a consent solicitation for the notes on Oct. 21.
MBIA UK sought the release, commutation and termination of all of its rights and obligations under the notes.
The amendments proposed by MBIA UK dictate that only an extraordinary resolution of the bondholders can direct the bond trustee to accelerate the bonds upon the occurrence of an event of default due to a payment default on the class A bonds.
The proposal will also be binding on the holders of the issuer’s class B and class C bonds, as noted before.
The tabulation agent was Lucid Issuer Services Ltd. (44 0 20 7704 0880 or breeze@lucid-is.com).
Breeze Finance is a Luxembourg-based special-purpose finance vehicle for the Breeze Three wind power partnership, which consists of 45 wind farms located in Germany and France. It is a subsidiary of Unicredit Group, a banking group based in Milan.
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