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Aster Treasury gets consent to modify £450 million 4½% bonds due 2043
By Taylor Fox
New York, Nov. 13 – Aster Treasury plc received the necessary consents 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.
The meeting of the bondholders was held at 6 a.m. ET Nov. 13 with 98.32% of the bonds being represented at the meeting.
The extraordinary resolution was passed and the other consent conditions were satisfied, and the proposed amendments will be implemented by execution and delivery of a second supplemental bond trust deed.
As previously reported, the issuer will 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.
At least 75% of the votes cast had to be in favor of the proposal in order for the extraordinary resolution to pass.
The meeting required 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 delivered consents by noon ET on Nov. 6 were eligible to receive a fee of £0.20 for each £1,000 principal amount of bonds for which consents are delivered.
The payment date for the consent solicitation is expected to be Nov. 18.
Aster is a Wiltshire, England-based company that offers housing, renting, buying, selling and developing services.
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