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Delhaize holders waive put option for tranche; other meeting adjourned
By Susanna Moon
Chicago, Jan. 13 – Delhaize Group SA/NV said it obtained noteholder approval to amend its €400 million of 3.125% notes due Feb. 27, 2020 at the meeting held Monday in Anderlecht, Belgium.
The proposed measure passed with a 95.71% majority at the meeting held for the 3.125% bonds, according to a company notice.
The company also held a meeting for its £400 million 4.25% bonds due Oct. 19, 2018, but the meeting was adjourned to Feb. 5 due to a lack of quorum, the release noted.
As announced Dec. 18, Delhaize is asking holders to waive the right to exercise their put options under the bond terms as a result of a default that could be triggered by the company’s plans to merge with Koninklijke Ahold NV.
After the merger, Delhaize Group will be dissolved without going into liquidation and cease to exist. As a result, holders of the two tranches of Delhaize Group's euro-denominated bonds are being asked to approve the change of issuer and to consent to various technical amendments for the legal structure following the merger at two bondholder meetings, the company previously said.
The participation fee for the 4.25% bonds will be 15 basis points.
Bondholders who are represented at the meeting and vote at the meeting will receive the participation fee of 15 bps if both resolutions pass.
In order to form a quorum, there must be at least 50% of the outstanding bonds represented at the meeting. To pass, each measure requires approved by a majority of at least 75% of the votes cast.
BNP Paribas ING, BofA Merrill Lynch and Deutsche Bank are the lead solicitation agents.
Delhaize is a Brussels-based food retailer.
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