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London & Quadrant gets consents to replace issuer for secured bonds
By Marisa Wong
Los Angeles, Sept. 1 – London & Quadrant Housing Trust announced results of its Aug. 9 consent solicitation for the outstanding £130 million guarantee secured stepped coupon bonds due 2018 to 2033 (ISIN: XS0084364016) issued by subsidiary Quadrant Housing Finance Ltd.
The necessary quorum was achieved at the meeting held at 5 a.m. ET on Sept. 1, with 98.43% of the aggregate outstanding nominal amount of the bonds represented. The extraordinary resolution was passed, and the other consent conditions were satisfied, according to the company’s announcement on Friday.
London & Quadrant had invited bondholders to consent to (i) the substitution of London & Quadrant in place of Quadrant Housing as issuer of the bonds; (ii) the full and final release and discharge of Ambac Assurance UK Ltd. from its guarantee in respect of the bonds; (iii) changes to the terms and conditions of, and other documents relating to, the bonds to align the bonds with the terms of London & Quadrant’s most recent bond issue; and (iv) the amendment of the security underlying the bonds to acknowledge that such security has been granted by London & Quadrant in respect of the bonds and the partial release of that security from time to time in compliance with the asset cover test and minimum performance levels test.
Voting instructions were due by noon ET on Aug. 29.
The company did not offer any consent or participation fee.
The approved changes will take effect on Friday.
Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and RBC Europe Ltd. (+44 20 7029 0165; liability.management@rbccm.com) are the solicitation agents.
The tabulation agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; lqgroup@is.kroll.com; https://deals.is.kroll.com/lqgroup).
The amortized outstanding principal amount of the bonds at the launch of the consent solicitation was £102,053,120 and was expected to be £98,613,580 at the time of the meeting.
The residential developer is based in London.
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