Elva Funding II soliciting consents from holders of floaters due 2024

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – Elva Funding II DAC began a consent solicitation for its $200 million series 2019-01 secured floating-rate notes due 2024 (ISIN: XS1967611010).

Under the supplemental trust deed of Elva’s notes, the issuer is required to notify and request instruction from noteholders if any amendment, modification or waiver is sought in respect of an underlying asset.

Elva notified holders that it has received a request to enter into amendment deeds and certain amendment and restatement deeds that seek to amend the terms of some tranches of an underlying asset. The issuer is a holder of the underlying asset.

Elva Funding II is asking holders to vote for or against its entry into documents pertaining to the proposed amendments.

If no instruction from holders of a majority of the principal amount of the Elva notes is received by the cut-off time, the issuer may designate a third party to instruct it to vote for or against the proposal documents.

The cutoff time to vote is 5 a.m. ET on Nov. 8.

The notes were issued under a €20 billion asset-backed medium-term note program.

Morgan Stanley & Co. International plc is the swap counterparty for the notes.

United Kingdom-based Elva Funding was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance debt, and for acquisition purposes.

© 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.