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Marston's begins third Covid-19 consent solicitation for three series
Chicago, March 4 – Marston’s Issuer plc started its third consent solicitation regarding its £214 million of class A2 secured fixed-to-floating rate notes due 2027 (ISIN: XS0226790748), its £200 million of class A3 secured fixed-to-floating rate notes due 2032 (ISIN: XS0226792280) and its £250 million of class A4 secured floating-rate notes due 2031 (ISIN: XS0331071026) due to Covid-19, according to an announcement.
The company is seeking further waivers on its notes, as it did in May 2020 and November 2020 with the first and second “lockdowns” in England and Wales.
Because of the third lockdown, the company needs a third waiver.
Specifically, Marston’s is seeking further waivers of the debt service covenant in respect of the relevant period and relevant year ending on July 3 and Oct. 2 and the relevant year ending on Jan. 1, 2022.
Additionally, the company is seeking to extend certain connected amendments and waivers under the issuer/borrower facility agreement, which were approved by noteholders in May 2020 but which now need to be extended in light of the length and impact of the third lockdown.
A noteholder meeting will be held at 5 a.m. ET on March 26 to vote on the extraordinary resolution.
Noteholders who do not wish to attend the virtual meeting must take action before 5 a.m. ET on March 24.
An early instruction time is set for 11 a.m. ET on March 19. Noteholders who give instruction by this time will be paid an early instruction fee equal to 0.05% of the principal amount outstanding of the notes. The early instruction fee is expected to be paid around April 6 if the consent conditions are satisfied.
D.F. King Ltd. is the information and tabulation agent (+44 20 7920 9700, marstons@dfkingltd.com, https://sites.dfkingltd.com/marstons).
The pub operator and independent brewer is based in Wolverhampton, England.
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