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Merlin Properties seeks OK to convert seven bonds to green bonds
By Marisa Wong
Los Angeles, April 25 – Merlin Properties, Socimi, SA wants to convert seven series of its bonds into green bonds, according to a notice.
Merlin is launching consent solicitations for each of the following series to ask bondholders for approval:
• €850 million 2.225% bonds due April 25, 2023 (ISIN: XS1398336351), with €742,786,000 outstanding;
• €600 million 1.75% bonds due May 26, 2025 (ISIN: XS1619643015), all of which is outstanding;
• €800 million 1.875% bonds due Nov. 2, 2026 (ISIN: XS1512827095), all of which is outstanding;
• €500 million 2.375% bonds due July 13, 2027 (ISIN: XS2201946634), all of which is outstanding;
• €300 million 2.375% bonds due Sept. 18, 2029 (ISIN: XS1684831982), all of which is outstanding;
• €500 million 1.375% bonds due June 1, 2030 (ISIN: XS2347367018), all of which is outstanding; and
• €600 million 1.875% bonds due Dec. 4, 2034 (ISIN: XS2089229806), all of which is outstanding.
Each consent solicitation will expire at 6:30 a.m. ET on May 16 or, if the related bondholder meeting is adjourned, 6:30 a.m. ET on May 30.
The general meeting of bondholders for each series will be held on May 18 or, if adjourned, on June 1.
Each meeting requires a quorum of one or more persons holding or representing a majority in principal amount of the relevant bonds. If the meeting is adjourned, the quorum will be one or more persons holding any principal amount of the outstanding bonds.
The majority required to pass the resolution presented at each meeting is three quarters of the votes cast.
The company said it is not offering bondholders a fee for consents.
Credit Agricole CIB (+44 20 7214 5733, attn.: liability management, liability.management@ca-cib.com) is the consent solicitation agent.
Kroll Issuer Services Ltd. (+44 20 7704 0880, atten.: David Shilson, merlin@is.kroll.co) is the tabulation and information agent.
Merlin Properties is a real estate investment trust based in Madrid.
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