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Scotiabank sets holder meeting to seek consents to amend covered bonds
By Taylor Fox
New York, March 3 – Bank of Nova Scotia will hold a meeting for the holders of its £550 million floating-rate covered bonds due Jan. 10, 2023 (Cusip: XS1747445481) guaranteed by Scotiabank Covered Bond Guarantor LP, according to a notice.
The issuer is soliciting consent to modify the terms and condition of the bonds so that the existing Libor interest basis of bonds is replaced by a compounded daily Sonia interest basis.
The consent solicitation will expire at 11 a.m. ET March 22.
The meeting will be held at 4 a.m. ET March 25 via audio or video conference.
Solicitation agents will calculate the Libor vs Sonia interpolated basis, the forward start adjustment and the new margin at 8 a.m. ET March 25.
If the consent solicitation is successful, the changes will take effect on April 12.
The meeting requires a quorum of one or more persons holding at least two-thirds of the aggregate principal amount of the outstanding bonds.
To be passed at the meeting, the extraordinary resolution to amend the bonds requires a majority in favor consisting of at least three-fourths of the votes cast.
If a quorum is not achieved at the initial meeting or the quorum is achieved and the extraordinary resolution is passed but the eligibility condition is not satisfied, that meeting will be adjourned. The adjourned meeting would only require a quorum of one or more persons holding at least one-third of the bonds.
NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) and Scotiabank (+44 20 7826 5932, improject@scotiabank.com) are the solicitation agents.
Lucid Issuer Services Ltd. (+44 20 7704 0880, scotiabank@lucid-is.com) is the documentation agent and information agent.
The bank is based in Toronto.
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