Cronos gets OK to set up Barbados branch under asset-backed notes

By Susanna Moon

Chicago, Dec. 6 – Cronos Containers Program I Ltd. said it secured the needed holder approval to amend three series of fixed rate asset-backed notes in the solicitation that ended at 5 p.m. ET on Dec. 5.

The issuer expects to pay consent fee on Dec. 18, according to a company update on Wednesday.

As announced Nov. 28, the issuer was soliciting consents to amend the following notes in connection with establishing a branch office in Barbados:

• $162.5 million outstanding ($300 million issued) fixed rate asset-backed notes, series 2013-1;

• $131,551,402 outstanding ($207 million issued) fixed rate asset-backed notes, series 2014-1; and

• $166,666,660 outstanding ($250 million issued) fixed rate asset-backed notes, series 2014-2.

The consent fee will be $0.50 per $1,000 amortized principal amount for holders who gave their consents.

Holders must be of record as of 5 p.m. ET on Nov. 24.

To pass, the issuer needed consents form holders of a majority of the aggregate amortized principal amount of the notes across all series.

D.F. King Co., Inc. (212 269-5550, 877 478-5042 or cronos@dfking.com) is the tabulation agent. RBC Capital Markets, LLC (877 381-2099 or 212 618-7843) is the solicitation agent.

Cronos Containers is a Hamilton, Bermuda-based subsidiary of Cronos Holding Co Ltd., a container leasing company.

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