Aster Treasury seeks consent to modify £450 million 4½% bonds due 2043

By Taylor Fox

New York, Oct. 22 – Aster Treasury plc is seeking consent from eligible bondholders to amend the terms and conditions of its £450 million 4½% guaranteed secured bonds due 2043 (ISIN: XS1004109150) guaranteed by Aster Group Ltd., according to a news release.

Aster Treasury will hold a bondholders meeting for approval by an extraordinary resolution of the proposed amendments.

The issuer wants to amend a covenant in the bond trust deed in order to be permitted to raise finance and on-lend that finance to additional members of the Aster Group, specifically any of its present or future, direct or indirect, subsidiaries. Currently, Aster Treasury is only permitted to on-lend bond proceeds to Aster Group, Aster Communities and Synergy Housing Ltd.

The bondholder meeting will be held at 6 a.m. ET Nov. 13.

At least 75% of the votes cast must be in favor of the proposal in order for the extraordinary resolution to pass.

The meeting requires a quorum of one or more holders present and holding or representing a total of more than 50% of the principal amount of bonds outstanding.

Holders who deliver consents by noon ET on Nov. 6 will be eligible to receive a fee of £0.20 for each £1,000 principal amount of bonds for which consents are delivered.

The consent solicitation will expire at noon ET Nov. 10.

Aster is a Wiltshire, England-based company that offers housing, renting, buying, selling and developing services.

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