BT Group adjourns consent meeting for 2080 notes for lack of quorum

Chicago, Dec. 8 – British Telecommunications plc adjourned the meeting related to its consent solicitation for its €500 million capital securities due 2080 (ISIN: XS2119468572) guaranteed by BT Group plc, according to a company announcement.

Holders at the meeting represented 66.29% of the securities, and eligible holders present represented 58.18% of the securities.

The meeting has been moved to 5 a.m. ET on Dec. 23.

On the new date, the quorum necessary will be noteholders representing at least one-third of the outstanding securities.

If passed, the extraordinary resolution will better align change-of-control terms with its existing and proposed new securities. The issuer is seeking consents from holders to amend the terms of the 2080 capital securities by adding a change-of-control call at 101 with an interest rate step-up provision if not exercised.

Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com) is the solicitation agent.

Lucid Issuer Services Ltd. (+44 20 7704 0880, bt@lucid-is.com) is the information and tabulation agent.

The telecommunications company is based in London.

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