Clavis tries one last time to get noteholder approval for Libor change

Chicago, April 11 – Clavis Securities plc will hold a third meeting to obtain noteholder approval to transition the benchmark rate underlying its asset-backed floating-rate notes away from Libor, according to an announcement.

The consent solicitation relates to €16.8 million of class B1b notes due 2039 (ISIN: XS0255440728), the last series that is part of a broader portfolio.

Notice started in November, and the most recent adjourned meeting was held on Friday.

The last meeting will be at 9 a.m. ET on April 26, via teleconference. If the meeting is not quorate, the issuer intends to terminate the consent solicitation.

Noteholder instructions need to be given by 11 a.m. ET on April 21 for a holder to be represented by proxy at the meeting.

The company says that the last Libor-based payment was from the interest payment period that started on Dec. 15, 2021. The company is now using synthetic Libor, but that is expected to go away, probably by the end of the year.

After that, the floating-rate notes would need to become fixed-rate notes pursuant to the transaction documents as Libor would be inoperable.

Requests for documentation should be directed to the tabulation agent for the consent solicitation, i2 Capital Markets Ltd. (+44 203 633 1212, info@i2capmark.com).

Based in London, Clavis is the issuing company for Basinghall Finance Ltd.’s securitization funding platform.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.