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BT Group has consents from second meeting for 2080 notes
Chicago, Dec. 23 – British Telecommunications plc holders of the its €500 million capital securities due 2080 (ISIN: XS2119468572) guaranteed by BT Group plc consented at a second meeting held on Thursday at 5 a.m. ET to an extraordinary resolution, according to a press release.
At the first meeting, BT failed to achieve a quorum in its solicitation to better align the change-of-control terms with its existing and proposed new securities. BT wanted to add a change-of-control call at 101 with an interest rate step-up provision if not exercised.
The second meeting only needed representation from one-third of the noteholders and consent from at least 75% of those present. The extraordinary resolution was duly passed.
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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