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Clydesdale noteholders vote in favor of extraordinary resolutions
Chicago, Sept. 15 – Clydesdale Bank plc provided results from its noteholder meeting regarding extraordinary resolutions for its £700 million 4.625% series 2012-2 regulated covered bonds due June 2026 (ISIN: XS0789991527), according to an announcement.
The bank proposed two extraordinary resolutions relating to the bonds.
The company wanted to replace the Libor interest rate basis with Sonia from the final maturity date through the extended due for payment date.
Noteholders voted in favor by 96.66% of total votes cast for the Sonia resolution.
Additionally, the bank wanted to transfer the covered bonds to the €7 billion Clydesdale Bank global covered bond program.
Noteholders voted in favor by 96.66% of total votes cast for the transfer resolution.
The expiration deadline for consent instructions was 11 a.m. ET on Sept. 10.
Meetings started at 5 a.m. ET on Sept. 15.
The adjusted margin between Libor and Sonia was determined at 8 a.m. ET on Sept. 15, as the resolution passed.
The effective date will be Oct. 22.
There will be an ineligible holder payment of 0.05% paid to ineligible holders who submitted instructions received by the tabulation agent by 11 a.m. ET on Sept. 7 relating to the transfer extraordinary resolution. Eligible holders were eligible for a transfer consent fee by the same deadline.
Eligible bondholders are Regulation S holders. Ineligible holders are non-Regulation S holders.
The payment date is five days after the meeting.
The solicitation agent is Barclays (+44 20 3134 8515, eu.lm@barclays.com).
The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, virginmoney@lucid-is.com).
The commercial bank is based in Glasgow.
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