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Marston’s gives results on consent solicitation for three note series
By Taylor Fox
New York, March 26 – Marston’s Issuer plc announced the results for its consent solicitation regarding its £214 million of class A2 secured fixed-to-floating rate notes due 2027 (ISIN: XS0226790748), £200 million of class A3 secured fixed-to-floating rate notes due 2032 (ISIN: XS0226792280) and £250 million of class A4 secured floating-rate notes due 2031 (ISIN: XS0331071026), according to an announcement.
As of the 5 a.m. ET on March 26 noteholder meeting, of which 99.93% of the noteholders were present, the extraordinary resolution was passed with 92.63% of the votes in favor of the resolution.
As previously reported, the company sought further waivers on its notes, as it did in May 2020 and November 2020 with the first and second “lockdowns” in England and Wales in connection with the Covid-19 pandemic.
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, 2021 and the relevant year ending on Jan. 1, 2022.
Additionally, the company sought to extend some connected amendments and waivers under the issuer/borrower facility agreement, which were approved by noteholders in May 2020 but now need to be extended in light of the length and impact of the third lockdown.
An early instruction time was set for 11 a.m. ET on March 19. Noteholders who gave instruction by that time will be paid an early instruction fee equal to 0.05% of the principal amount outstanding of the notes.
The payment date for the early instruction fee will be April 6.
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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